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ORD 2011-31i'rN-11ffi i U1 W WOM 10 • y r - r � -rr r i .r A r•- r --• r !- •.••. ! • r r ,••.i -• !- - r = A • --• r 1 • y 1 •- i r • l 0. fill WHEREAS, on May 7, 2007, after due notice, the Town Council of the Town of Trophy Club, Texas (the "Town Council") held the public hearing in the manner required by law on the advisability of the public improvements and services described in the petition as required by Sec. 372.009 of the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code, as amended (the "PID Act ") and made the findings required by Sec. 372.009(b) of the PID Act and, by Resolution No. 2007-08 adopted by a majority of the members of the Town Council, authorized the PID in accordance with its finding as to the advisability of the public improvements and services; WHEREAS, on November 5, 2007, after notice and a public hearing conducted in the manner required by law, the Town Council adopted Ordinance No. 2007-29, which was supplemented by Ordinance No. 2009-24 adopted by the Town Council on September 28, 2009 (as supplemented, the "Assessment Ordinance"); WHEREAS, on December 13, 2007, the Town Council issued bonds secured directly and indirectly, respectively, by the assessments levied pursuant to the Assessment Ordinance; WHEREAS, Section 372.013 of the PID Act and the Service and Assessment Plan require that the Service and Assessment Plan and Assessment Roll be annually reviewed and updated; WHEREAS, the Annual Service Plan Update and updated Assessment Roll attached as Exhibit "A" hereto conform the original Assessment Roll to the principal and interest payment schedule required for the bonds, thereby reducing the amounts listed on the original Assessment Roll, and update the Assessment Roll to reflect prepayments, property divisions and changes to the budget allocation for District public improvements that occur during the year, if any; and WHEREAS, the Town Council now desires to proceed with the adoption of this Ordinance which supplements the Assessment Ordinance and approves and adopts the Annual Service Plan Update and the Updated Assessment Roll attached thereto, in conformity with the requirements of the PID Act, for the fiscal year beginning October 1, 2011, and ending September 30, 2012. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TROPHY CLUB, TEXAS: Section 1. Incorporation of Findings The findings and determinations set forth in the preambles above are incorporated herein for all purposes and are hereby adopted. Section 2. Annual Service Plan Update and Updated Assessment Roll The Annual Service Plan Update and Updated Assessment Roll attached hereto as Exhibit "A" are hereby accepted and approved and compliance with the PID Act in all matters is required. Section 3. Cumulative Repealer That this Ordinance shall be cumulative of all other Ordinances and shall not repeal any of the provisions of such Ordinances except for those instances where there are direct conflicts with the provisions of this Ordinance. Ordinances or parts thereof in force at the time this Ordinance shall take effect and that are inconsistent with this Ordinance are hereby repealed to the extent that they are inconsistent with this Ordinance. Provided however, that any complaint, action, claim or lawsuit which has been initiated or has arisen under or pursuant to such Ordinance on the date of adoption of this Ordinance shall continue to be governed by the provisions of that Ordinance and for that purpose the Ordinance shall remain in full force and effect. Section 4. Severability If any provision, section, subsection, sentence, clause, or phrase of this Ordinance, or the application of same to any person or set of circumstances is for any reason held to be unconstitutional, void, or invalid, the validity of the remaining portions of this Ordinance or the application to other persons or sets of circumstances shall not be affected thereby, it being the intent of the Town Council that no portion hereof, or provision or regulation contained herein shall become inoperative or fail by reason of any unconstitutionality, voidness, or invalidity of any other portion hereof, and all provisions of this Ordinance are declared to be severable for that purpose. ORD 2011-31 Page 2 of 4 Section 5. Engrossment and Enrollment The Town Secretary of the Town of Trophy Club is hereby directed to engross and enroll this Ordinance by filing this Ordinance in the ordinance records of the Town as required in the Town Charter. Section 6. Effective Date This Ordinance shall take effect, and the levy of the Assessments, and the provisions and terms of the Plan shall be and become effective on upon passage and execution hereof in accordance with the law. ADOPTED, PASSED, and APPROVED by the Town Council by a vote of -6- members voting "for" and Q members voting "against" and with '0 absentees on this 26th day of September, 2011. Connie White, Mayor Town of Trophy Club, Texas [SEAL] ATTEST: V') 'VROP 11n rrf a, annon DePrat4r, Town- Secretary Town of Trophy Club, Texas 0 APPROVED TO AS FORM: RY Patricia A. Ada-ris-, ToNWn- Attorney Town of Trophy Club, Texas ORD 2011-31 Page 3 of 4 EXHIBIT "A" ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT ROLL TOWN OF TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 TROPHY CLUB, TEXAS ANNUAL SERVICE PLAN UPDATE TO THE SERVICE AND ASSESSMENT PLAN SEPTEMBER 16, 2011 PLANO, TEXAS NEWPORT BEACH, CALIFORNIA TABLE OF CONTENTS SECTION PAGE A. INTRODUCTION..........................................................................................................................................1 B. UPDATE OF THE SERVICE PLAN...........................................................................................................1 C. UPDATE OF THE ASSESSMENT PLAN...................................................................................................6 D. UPDATE OF THE ASSESSMENT ROLL..................................................................................................6 EXHIBIT A - 2011 ASSESSMENT ROLL TOWN OF TROPHY CLUB PUBLIC IMPROVEMENT DISTRICT NO. 1 TROPHY CLUB, TEXAS ANNUAL SERVICE PLAN UPDATE TO THE SERVICE AND ASSESSMENT PLAN A. Introduction The Town of Trophy Club Public Improvement District No. 1 (the "PID") was created pursuant to the PID Act and a resolution of the City Council on April 16, 2007 to finance certain public improvement projects for the benefit of the property in the PID. The Town of Trophy Club Public Improvement District No. 1 Special Assessment Revenue Bonds, Series 2007 ( the "2007 Bonds") in the aggregate principal amount of $27,500,000 were issued to finance, refinance, provide or otherwise assist in the acquisition, construction and maintenance of the public improvements provided for the benefit of the property in the PID. A service and assessment plan (the "Service and Assessment Plan") was prepared at the direction of the Town identifying the public improvements (the "Authorized Improvements") to be provided by the PID, the costs of the Authorized Improvements, the indebtedness to be incurred for the Authorized Improvements, and the manner of assessing the property in the PID for the costs of the Authorized Improvements. Pursuant to Sections 372.013, 372.014, and 372.015 of the Public Improvement District Act (the "PID Act"), the Service and Assessment Plan is to be reviewed and updated annually. The update of the Service and Assessment Plan (the "Annual Service and Assessment Plan Update") for 2011 includes the 2011 assessment roll (the "2011 Assessment Roll") identifying the assessments on each parcel, based on the method of assessment set forth in the Service and Assessment Plan, as amended, and pursuant to this Annual Service Plan Update. Section 372.015 of the PID Act states that the governing body of the municipality shall apportion the cost of an improvement to be assessed against property in an improvement district, and the apportionment shall be made on the basis of special benefits accruing to the property because of the improvement. The method of assessing the costs of the Authorized Improvements to the property in the PID is summarized in Section C of this Annual Service and Assessment Plan Update. B. Update of the Service Plan Annual Budget for the Public Improvements Table A on the following page shows the sources of funds for the Authorized Improvements and costs incurred in connection with the issuance of the 2007 Bonds and the uses of such funds. Table A reflects the original bond proceeds, actual Developer contributions through June 2011 and estimated Developer contributions through December 2012, and actual Project Fund earnings through June 2011. As shown in Table A, the PID has incurred indebtedness in the amount of $27,500,000 in the form of the 2007 Bonds, which are to be repaid from Assessments. The original estimated cost of the Authorized Improvements as set forth in the Service and Assessment Plan, including contingency, was $22,438,977. As shown in Table B, this Annual Service and Assessment Plan Update employs a revised estimated cost for the Authorized Improvements of $22,323,064 which reflects actual costs to -date and projected costs through December 2012. Town of Trophy Club Public Improvement District No. I Page I Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Table A Sources and Uses of Funds Public Improvements Sources of Funds Bonds Proceeds $27,500,000 Project Fund Earnings $271,098 Developer Contributions Prepayment Reserve Account $550,000 Authorized Improvement Costs $1,886,455 Total Sources of Funds $30,207,554 Use of Funds Authorized Improvements $22,323,064 Capitalized Interest Account $1,633,235 Collection Costs Fund $39,054 Reserve Fund $2,750,000 Prepayment Reserve Account $550,000 Cost of Issuance $2,627,746 Total Uses of Funds $29,923,099 Remaining Funds $284,455 A service plan must cover a period of five years. Actual to -date and projected expenditures for the Authorized Improvements for the five year period ending December 2012 and the indebtedness incurred for these costs is shown in Table B on the following page. Town of Trophy Club Public Improvement District No. I Page 2 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Debt Service and Collection Costs The Annual Installments The Assessment imposed on any parcel may be paid in full at any time. If not paid in full, the Assessment are payable in thirty annual installments of principal and interest (the "Annual Installments") that began with the 2008 tax year. Pursuant to the Service and Assessment Plan, each Assessment bears interest at the rate of interest born by the 2007 Bonds (i.e., 7.75 percent per annum) commencing with their issuance. Accordingly, the interest rate on the 2007 Bonds is used to calculate the interest on the Assessments. The 2011 Annual Installments shall be billed by the Town in 2011 and will be delinquent on February 1, 2012. Pursuant to the Service and Assessment Plan, the Annual Service Plan Update shall show the remaining balance of the Assessments, the Annual Installment and the Annual Collection Costs' to be collected from each Parce12. Annual Collection Costs shall be allocated to each Parcel pro rata based upon the amount the Annual Installment on a Parcel bears to the amount of Annual Installments in the PID as a whole that are payable at the time of such allocation. Each Annual Installment shall be reduced by any credits applied under an applicable indenture of trust. 'Annual Collection Costs shall be as defined in the Service and Assessment Plan. 2 Parcel shall be as defined in the Service and Assessment Plan. Town of Trophy Club Public Improvement District No. I Page 3 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Table B Authorized Improvements PID Sources and Uses of Funds 2007-2012 Sources of Funds December 2007 July 2011— Total — June 2011 December 2012 Bond Proceeds $27,500,000 $0 $27,500,000 Project Fund Earnings $271,098 $0 $271,098 Developer Contributions Prepayment Reserve Account $550,000 $0 $550,000 Authorized Improvement Costs $1,587,813 $298,643 $1,886,455 Total Sources of Funds $29,908,911 $298,643 $30,207,554 Uses of Funds Authorized Improvements $20,829,851 $1,493,213 $22,323,064 Capitalized Interest Account $1,633,235 $0 $1,633,235 Collection Costs Fund $39,054 $0 $39,054 Costs of Issuance $2,627,746 $0 $2,627,746 Original Deposit to Reserve Fund $2,750,000 $0 $2,750,000 Prepayment Reserve Account $550,000 $0 $550,000 Total Uses of Funds $28,429,886 $1,493,213 $29,923,099 Remaining Funds $1,479,025 $284,455 $284,455 Debt Service and Collection Costs The Annual Installments The Assessment imposed on any parcel may be paid in full at any time. If not paid in full, the Assessment are payable in thirty annual installments of principal and interest (the "Annual Installments") that began with the 2008 tax year. Pursuant to the Service and Assessment Plan, each Assessment bears interest at the rate of interest born by the 2007 Bonds (i.e., 7.75 percent per annum) commencing with their issuance. Accordingly, the interest rate on the 2007 Bonds is used to calculate the interest on the Assessments. The 2011 Annual Installments shall be billed by the Town in 2011 and will be delinquent on February 1, 2012. Pursuant to the Service and Assessment Plan, the Annual Service Plan Update shall show the remaining balance of the Assessments, the Annual Installment and the Annual Collection Costs' to be collected from each Parce12. Annual Collection Costs shall be allocated to each Parcel pro rata based upon the amount the Annual Installment on a Parcel bears to the amount of Annual Installments in the PID as a whole that are payable at the time of such allocation. Each Annual Installment shall be reduced by any credits applied under an applicable indenture of trust. 'Annual Collection Costs shall be as defined in the Service and Assessment Plan. 2 Parcel shall be as defined in the Service and Assessment Plan. Town of Trophy Club Public Improvement District No. I Page 3 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Annual Budget for the Repayment of Indebtedness Debt service is to be paid on the 2007 Bonds from the collection of the Annual Installments. As of August 2, 2011, there are no parcels delinquent in the payment of their 2010 annual installments. In addition, Annual Collection Costs are to be collected with the Annual Installments to pay expenses related to the collection of the Annual installments. The budget for the PID to be paid from the 2011 Annual Installments is shown by Table C. Table C 2011 Budget for Annual Installments Annual Installments to be Collected $2,207,122.70 Revenues Excess Reserve Funds $0.00 Excess Collection Costs Funds $0.00 Subtotal Available Revenues $0.00 Expenditures Debt Service Interest Payment on April 1, 2012 Interest Payment on October 1, 2012 Principal Payment on October 1, 2012 ($1,057,177.50) ($1,057,177.50) ($50,000.00) Subtotal Debt Service on 2007 Bonds ($2,164,355.00) Annual Collection Costs ($42,767.70) Subtotal Expenses ($2,207,122.70) 2011 Year End Cash Flow Analysis Revenues Pledged Revenue Fund Balance (As of August 26, 2011) $1,227,474.15 Expenditures Interest Payment on October 1, 2011 ($1,057,758.75) Principal Payment on October 1, 2011 ($15,000.00) Remaining Budgeted Collection Costs Account Deposit ($9,617.37) Surplus / (Shortfall) $145,098.033 2011 Reserve Fund Analysis Transfer to Assessments Sub -Account $0.00 Transfer to Principal and Interest Account $0.00 Excess Reserve Funds Reserve Fund Balance (As of August 26, 2011) $2,729,700.00 Reserve Fund Requirement (As of August 26, 2011) $2,729,700.004 3 Includes in part $59,355.49 in penalties anticipated to be transferred to the Collection Costs Fund and $29,689.50 in interest anticipated to be transferred to the Redemption Account. 4 Adjusted for the early redemption of Bond principal resulting from the prepayment of Assessments. Town of Trophy Club Public Improvement District No. I Page 4 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Debt service on the 2007 Bonds reflects the redemption of bonds from Assessment prepayments and/or from funds transferred to the Redemption Fund. Bond redemptions occurred on April 1 and October 1, 2010 as shown below in Table D. Table D Redemption Date Bonds Redeemed April 1, 2010 $42,000 October 1, 2010 $161,000 Total Amount Redeemed $203,000 The Annual Collection Cost budget is equal to the maximum Annual Installment for Annual Collection Costs set forth in the Service and Assessment Plan, adjusted for prepayments, to allow for contingency amounts for subsequent years. The Annual Installments for Annual Collection Costs for the prior year were $42,141. Excluding deposits of penalties on late Assessment installments, $9,617 of the $42,141 will be transferred to the Collection Costs Fund. Total Annual Collection Costs paid from the Collection Costs Fund from February 1, 2011 through August 26, 2011 was $41,693.80. Estimated Annual Collection Costs for the remainder of 2011 (through January 31, 2012) is $19,393.75. The funds available in the Collection Costs Fund as of August 26, 2011 were $118,942.35. These funds will be retained in the Collection Costs Fund and used to pay future Annual Collection Costs. Surplus Pledged Revenue Funds, including penalties and interest on delinquent assessments, will be applied toward the redemption of bonds and/or Annual Collection Costs. Pursuant to Section 6.7(d) of the Indenture of Trust, any amounts in the Reserve Fund in excess of the Reserve Fund Requirement will be transferred to the Assessments Sub -Account of the Prepayment Reserve Account until the balance therein equals the Prepayment Reserve Requirement or $550,000. As of August 31, 2011, the balance in the Assessments Sub -Account of the Prepayment Reserve Account was $117.20. According to the Service and Assessment Plan, 1,4745 units were estimated to be built within the PID, representing a total of 986.19 Equivalent Units. However, assessments have been prepaid for three parcels representing 2.52 Equivalent Units. In addition, Phase I of the Preliminary Plat of The Highlands at Trophy Club Neighborhood 8 and corresponding to the Service and Assessment Plan Update approved by the Town on September 27, 2010, resulted in a reduction of an additional 4.78 Equivalents Units and a corresponding Assessment prepayment. Accordingly, the principal and interest portion of the Annual Installment to be collected from each Equivalent Unit is equal to $2,211.03 ($2,164,355.00 - 978.89) and the Annual Collection Costs to be collected from each Equivalent Unit is equal to $43.69 (the original maximum Annual Collection Costs of $43,091.40 - 986.19 original Equivalent Units) for total Annual Collection Costs of $42,767.70 ($43.69 multiplied by the current Equivalent Units of 978.89). The total Annual Installment to be collected from each Equivalent Unit is equal to $2,254.72 ($2,211.03 + $43.69). The Annual Installment for each Lot Type is calculated by multiplying the Annual Installment for each Equivalent Unit ($2,254.72) by the equivalent unit factor for each Lot Type. The Equivalent Units for Lot Type 1 is 1.00 per dwelling unit. The Annual Installment to be collected from each Lot Type 1 is, therefore, equal to $2,254.72 ($2,254.72 x 1.00). The Annual Installment to be collected 5 The reclassification of the Neighborhood 8 units reduced the number of expected units from approximately 1,474 residential units. Town of Trophy Club Public Improvement District No. I Page 5 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 from each of the remaining Lot Types is calculated in the same manner and is shown in Table E below. C. Update of the Assessment Plan The Service and Assessment Plan, as amended by the Town pursuant to ordinance 2010-24 adopted September 27, 2010, provides for the "Assessed Property" to be classified into one of five categories for purpose of allocating the Assessments, as follows: i. Lot Type 1 (12,000 square foot minimum lots), ii. Lot Type 2 (10,000 square foot minimum lots), iii. Lot Type 3 (8,400 square foot minimum lots), iv. Lot Type 4 (5,250 square foot minimum lots), and V. Lot Type 5 (3,000 square foot minimum lots). The Service and Assessment Plan identified Equivalent Units for each Lot Type as follows: Lot Type 1 Lots 1.00 per dwelling unit Lot Type 2 Lots 0.76 per dwelling unit Lot Type 3 Lots Table E Lot Type 4 Lots 0.53 per dwelling unit Lot Type 5 Lots 0.44 per dwelling unit Annual Installment per Lot Types to be Collected for 2011 Annual debt Annual Total EU Service Collection Annual Annual Lot Estimated per Total (P&I) per Costs per Installment Installment Total Annual Type Units Unit EU EU EU per EU per Unit Installment Type 1 162 1.00 162.00 $2,211.03 $43.69 $2,254.72 $2,254.72 $365,264.64 Type 2 506 0.76 384.56 $2,211.03 $43.69 $2,254.72 $1,713.59 $867,076.54 Type 3 377 0.62 233.74 $2,211.03 $43.69 $2,254.72 $1,397.93 $527,019.61 Type 4 251 0.53 133.03 $2,211.03 $43.69 $2,254.72 $1,195.00 $299,945.00 Type 5 149 0.44 65.56 $2,211.03 $43.69 $2,254.72 $992.08 $147,819.92 Total 1,445 NA 978.89 NA NA NA NA $2,207,125.716 C. Update of the Assessment Plan The Service and Assessment Plan, as amended by the Town pursuant to ordinance 2010-24 adopted September 27, 2010, provides for the "Assessed Property" to be classified into one of five categories for purpose of allocating the Assessments, as follows: i. Lot Type 1 (12,000 square foot minimum lots), ii. Lot Type 2 (10,000 square foot minimum lots), iii. Lot Type 3 (8,400 square foot minimum lots), iv. Lot Type 4 (5,250 square foot minimum lots), and V. Lot Type 5 (3,000 square foot minimum lots). The Service and Assessment Plan identified Equivalent Units for each Lot Type as follows: Lot Type 1 Lots 1.00 per dwelling unit Lot Type 2 Lots 0.76 per dwelling unit Lot Type 3 Lots 0.62 per dwelling unit Lot Type 4 Lots 0.53 per dwelling unit Lot Type 5 Lots 0.44 per dwelling unit The equivalent unit values are the ratio of the Assessments as allocated to each lot in each property class and are based on the average estimated unit value for each class. D . Update of the Assessment Roll The Assessment Roll is to be updated each year to reflect: 6 Total does not foot to Table C due to rounding. Town of Trophy Club Public Improvement District No. I Page 6 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 The identification of each Assessed Parcel in the PID (including, if available, the tax parcel identification number for such Parcel), (ii) the Assessments, including any adjustments as provided for in the Service and Assessment Plan or in the Act; (iii) the Annual Installment for the relevant year (if such Assessment is payable) for each Parcel; (iv) prepayments of the Assessments as provided for in this Service and Assessment Plan and (B) any other changes helpful to the administration of the PID and permitted by law. The 2011 Assessment Roll is shown in Exhibit A. Each Parcel is identified, along with the Assessment on each Parcel and the Annual Installment to be collected. Assessments are to be reallocated for the subdivision of any Parcels. According to the Service and Assessment Plan, upon the subdivision of any Parcel, the Administrator shall reallocate the Assessment for the Parcel prior to the subdivision among the new subdivided Parcels according to the following formula: A=Bx(C=D) Where the terms have the following meanings: A = the Assessment for each new subdivided Parcel. B = the Assessment for the Parcel prior to subdivision. C = the Equivalent Units allocated to each newly subdivided Parcel D = the sum or the Equivalent Units for all of the new subdivided Parcels The calculation of the Equivalent Units as to a Parcel shall be performed by the Administrator and confirmed by the Town Council based on the information available regarding the use of the Parcel. The estimate as confirmed shall be conclusive. The number of units to be built on a Parcel may be estimated by net land area and reasonable density ratios. Lot type shall be determined by the description that is most similar to the lots being classified. There have been three parcel subdivisions since the last update of the Assessment Plan in 2010. Parcel 312606 which was originally planned for 23 units (19.88 Equivalent Units) was subdivided into 10 Lot Type 1 lots and 13 Lot Type 2 lots. The total Assessment allocated to Parcel 312606 was $554,355.64 prior to the subdivision. The reallocation is shown in the table below. ' Specific parcel numbers and the corresponding assessment are shown in the Assessment Roll attached as Exhibit A. Town of Trophy Club Public Improvement District No. I Page 7 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Table F Assessment Reallocation (Parcel 312606) Planned Total EU Reallocated Number Lot Equivalent after Assessment Total Parcel of Units Type Unit (EU) Subdivision per Unit Assessment Various' 10 1 1.00 10.00 $27,885.08 $278,850.80 Various' 13 2 0.76 9.88 $21,192.68 $275,504.84 469343 0 N/A 0.00 0.00 $0.00 $0.00 Total 23 19.88 $554,355.64 ' Specific parcel numbers and the corresponding assessment are shown in the Assessment Roll attached as Exhibit A. Town of Trophy Club Public Improvement District No. I Page 7 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Parcel 171503 which was originally planned for 37 units (32.44 Equivalent Units) was subdivided into 18 Lot Type 1 lots and 19 Lot Type 2 lots. The total Assessment allocated to Parcel 171503 was $904,592.36 prior to the subdivision. The reallocation is shown in the table below. Parcel 523348 which pursuant to the 2009 Annual Service and Assessment Plan Update was planned for 223 units (83.22 Equivalent Units) was subdivided into 74 Lot Type 4 lots with the remaining 149 Lot Type 5 lots still designated as parcel 523348. The total Assessment allocated to Parcel 523348 was $2,921,800.71 prior to the subdivision. The reallocation is shown in the table below. Table G Assessment Reallocation (Parcel 171503) Planned Total EU Reallocated Number Lot Equivalent after Assessment Total Parcel of Units Type Unit EU Subdivision per Unit Assessment 171503 0 N/A 0.00 0.00 $0.00 $0.00 Various' 18 1 1.00 18.00 $27,885.08 $501,931.44 Various' 19 2 0.76 14.44 $21,192.68 $402,660.92 469294 0 N/A 0.00 0.00 $0.00 $0.00 469295 0 N/A 0.00 0.00 $0.00 $0.00 Total 37 32.44 $904,592.36 Parcel 523348 which pursuant to the 2009 Annual Service and Assessment Plan Update was planned for 223 units (83.22 Equivalent Units) was subdivided into 74 Lot Type 4 lots with the remaining 149 Lot Type 5 lots still designated as parcel 523348. The total Assessment allocated to Parcel 523348 was $2,921,800.71 prior to the subdivision. The reallocation is shown in the table below. As mentioned previously, Assessments have been prepaid for parcels 533293, 533259, 533337. In addition, a mandatory Assessment prepayment was made in connection with the reclassification of Phase I of the Neighborhood 8 parcels. The list of current parcels within the PID, the anticipated land use, the estimated number of units by lot type to be developed on the current residential parcels, the corresponding total assessments and current annual installment are shown in the 2011 Assessment Roll attached hereto as Exhibit A. The complete 2011 Assessment Roll is also available at the Town of Trophy Club, 100 Municipal Dr., Trophy Club, Texas, 76262. s Specific parcel numbers and the corresponding assessment are shown in the Assessment Roll attached as Exhibit A. Town of Trophy Club Public Improvement District No. I Page 8 Annual Service Plan Update and Amendments to the Service and Assessment Plan September 16, 2011 Table H Assessment Reallocation (Parcel 523348) Planned Total EU Reallocated Number Lot Equivalent after Assessment Total Parcel of Units Type Unit (EU) Subdivision per Unit Assessment 523348 149 5 0.44 44.00 $12,269.45 $1,828,148.05 Various' 74 4 0.53 39.22 $14,779.09 $1,093,652.66 465583 0 N/A 0.00 0.00 $0.00 $0.00 Total 223 83.22 $2,921,800.71 As mentioned previously, Assessments have been prepaid for parcels 533293, 533259, 533337. In addition, a mandatory Assessment prepayment was made in connection with the reclassification of Phase I of the Neighborhood 8 parcels. The list of current parcels within the PID, the anticipated land use, the estimated number of units by lot type to be developed on the current residential parcels, the corresponding total assessments and current annual installment are shown in the 2011 Assessment Roll attached hereto as Exhibit A. The complete 2011 Assessment Roll is also available at the Town of Trophy Club, 100 Municipal Dr., Trophy Club, Texas, 76262. s Specific parcel numbers and the corresponding assessment are shown in the Assessment Roll attached as Exhibit A. 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