ORD 2019-19 PID update TOWN OF TROPHY CLUB
ORDINANCE NO. 2019-19
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS ACCEPTING AND APPROVING AN UPDATE
OF THE SERVICE AND ASSESSMENT PLAN AND AN UPDATED
ASSESSMENT ROLL FOR THE TOWN OF TROPHY CLUB PUBLIC
IMPROVEMENT DISTRICT NO. 1 ("PID") IN COMPLIANCE WITH
CHAPTER 372 (AUTHORIZED IMPROVEMENT ASSESSMENT);
MAKING AND ADOPTING FINDINGS; PROVIDING FOR THE
INCORPORATION OF FINDINGS; ACCEPTING AND APPROVING THE
ANNUAL SERVICE PLAN UPDATE AND UPDATED ASSESSMENT
ROLL FOR PID ATTACHED AS EXHIBIT "A" HERETO; PROVIDING A
CUMULATIVE REPEALER CLAUSE; PROVIDING SEVERABILITY,
PROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND
PROVIDING AN EFFECTIVE DATE.
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; and
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"); and
WHEREAS, on December 13, 2007, the Town Council issued special
assessment revenue bonds secured by the assessments levied pursuant to the
Assessment Ordinance (the "2007 Bonds"); and
WHEREAS, on December 22, 2015, the Town Council issued special
assessment revenue refunding bonds (the "2015 Bonds"), to refund in full the 2007
Bonds, such 2015 Bonds being secured by the assessments levied pursuant to the
Assessment Ordinance; and
WHEREAS, Section 372.013 of the RID Act and the Service and Assessment
Plan require that the Service and Assessment Plan and Assessment Roll be annually
reviewed and updated; and
WHEREAS, pursuant to the issuance of the 2015 Bonds, the Service and
Assessment Plan should be updated to reflect the issuance of the 2015 Bonds; and
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 2015 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,
2019, and ending September 30, 2020.
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.
ORD 2019-19 Page 2 of 4
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.
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
members voting "for", members voting "against", and with
absentees on this 24th day of September 2019.
)_____5
C. Nick Sanders, Mayor
Town of Trophy Club, Texas
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ATTEST: t-. �- PP O 0b T
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Holly Fim"res, Town Secreta J. i - In •;f1V II, Town Attorney
Town of Trophy Club, Texas To • rophy Club, Texas
ORD 2019-19 Page 3 of 4
Exhibit "A"
Annual Service Plan Update and Updated Assessment Roll
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ANNUAL SERVICE PLAN
UPDATE (2019)
TOWN OF TROPHY CLUB
TROPHY CLUB PID NO.1 (PID4)
THE HIGHLANDS AT TRO PHY CLUB
Report Date:S EPTEMBER 3,2019
www.FinanceDTA.com 8117 Preston Road, Suite 300
Dallas, TX 75225
TOWN OF TROPHY CLUB
ANNUAL SERVICE PLAN UPDATE (2019)
TOWN OF TROPHY CLUB
PUBLIC IMPROVEMENT DISTRICT NO. 1 (PID4 )
THE HIGHLANDS AT TRO PHY CLUB
Prepared for:
The Town of Trophy Club
1 Trophy Wood Drive
Trophy Club,TX 76262
TABLE
OF CONTENTS
SECTION
I PLAN DESCRIPTION AND DEFINED TERMS .......1
A Introduction .....................................................................1
II UPDATE OF THE SERVICE PLAN .........................2
A Annual Budget for the Public
Improvements .................................................................2
B Annual Installments .......................................................3
C Estimated vs. Actual Costs of Authorized
Improvements .................................................................4
D Description of Projects ..................................................6
E Annual Budget for the Repayment of
Indebtedness ...................................................................7
F Prepayments ....................................................................7
III UPDATE OF THE ASSESSMENT PLAN ................11
IV UPDATE OF THE ASSESSMENT ROLL ...............12
APPENDICES
APPENDIX A ASSESSMENT ROLL
1
SECTION I
PLAN DESCRIPTION AND DEFINED
TERMS
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
I PLAN DESCRIPTION AND DEFINED TERMS
A Introduction
The Town of Trophy Club Public Improvement District No. 1 (the "PID"or “PID4”) was
created pursuant to the Public Improvement District Assessment Act, Subchapter A of
Chapter 372, Texas Local Government Code, as amended (the "PID Act") and a resolution of
the Town Council (the "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 (the "Authorized
Improvements"). Refunding of the 2007 Bonds occurred in December 2015 through the
issuance of the Town of Trophy Club Public Improvement District No. 1 Special Assessment
Revenue Refunding Bonds, Series 2015 (the "2015 Bonds") in the aggregate principal amount
of $26,154,979.All funds have been expended for the acquisition, construction and
maintenance of the Authorized Improvements, and no further expenditures are anticipated
to be made for such purposes.
A service and assessment plan (the "Service and Assessment Plan") was prepared at the
direction of the Town identifying 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
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 2019 includes the 2019 assessment roll (the "2019 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 III of this Annual Service
and Assessment Plan Update.
2
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
II UPDATE OF THE SERVIC E PLAN
A Annual Budget for the Public Improvements
Table II-1 below shows the sources and uses of funds for the 2015 Bonds. As also shown
in Table II-1, the current PID indebtedness is the $26,154,979 par amount of the 2015
Bonds, which are to be repaid from Assessments.
Pursuant to the PID Act, a service plan must cover a period of at least five years (Sec.
372.013(b)). The projected Assessment Installments and annual debt service related to
the Authorized Improvements are shown in Table II-2 on the following page.
Table II -1: Sources and Uses of Funds
SOURCES OF FUNDS
Par Amount of Bonds $26,154,979.00
Reoffering Premium $4,482,842.45
Transfer from Lawfully Available Funds $2,781,503.81
TOTAL SOURCES OF FUNDS $33,419,325.26
USE OF FUNDS
Total Underwriter's Discount $179,005.53
Costs of Issuance $550,000.00
Gross Bond Insurance Premium $413,130.74
Deposit to Debt Service Reserve Fund $2,200,000.00
Deposit to Net Cash Escrow Fund $29,734,499.88
Prepayment/Delinquency Fund $250,000.00
Collection Costs Fund1 $90,000.00
Deposit to Bond Fund $2,689.11
TOTAL USES OF FUNDS $33,419,325.26
1 “Collection Costs Fund” refers to the Administrative Fund as defined in the Indenture.
3
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
Table II -2: Cash Flow Projections
TAX YEAR
DESCRIPTION TOTAL 2019 2020 2021 2022 2023
REVENUES
Assessment Installments
(Debt Service)$11,163,748 $2,167,823 $2,204,998 $2,232,423 $2,261,888 $2,296,618
Collection Costs $240,442 $46,667 $47,367 $48,078 $48,799 $49,531
Total Revenues $11,404,190 $2,214,490 $2,252,365 $2,280,500 $2,310,686 $2,310,686
EXPENDITURES
Interest $4,130,748 $892,823 $864,998 $832,423 $792,888 $747,618
Principal $7,033,000 $1,275,000 $1,340,000 $1,400,000 $1,469,000 $1,549,000
Collection Costs $240,442 $46,667 $47,367 $48,078 $48,799 $49,531
Total Expenditures $11,404,190 $2,214,490 $2,252,365 $2,280,500 $2,310,686 $2,310,686
LESS CREDITS DUE TO
REFUNDING $287,857 $57,571 $57,571 $57,571 $57,571 $57,571
TOTAL NET OF REFUNDING $11,116,333 $2,156,918 $2,194,793 $2,222,929 $2,253,115 $2,288,577
Note:
*May not sum due to rounding.
B Annual Installments
The Assessment imposed on any parcel may be paid in full at any time.If not paid in full,
the Assessments are payable in annual installments of principal and interest (the "Annual
Installments") the last of which is scheduled for the 2032 tax year.Pursuant to the Service
and Assessment Plan, each Assessment bears interest at the rate of interest borne by the
2015 Bonds.The 2019 Annual Installments shall be billed by the Town in 2019 and will
be delinquent on February 1, 2020.
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 Costs2 to be collected from each Parcel.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 the Indenture.
4
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
C Estimated vs. Actual Costs of Authorized Improvements
The original estimated cost of the Authorized Improvements as set forth in the Service
and Assessment Plan, including contingency, was $22,438,977, with $20,449,965
allocated to the PID as shown in Table II-3 on the following page. The 2016 Annual
Service and Assessment Plan Update revised the cost for the Authorized Improvements
to $22,704,189 which reflects actual costs to-date, with $20,703,427 allocated to the PID.
As stated above in the Introduction to this Annual Service and Assessment Plan Update,
all funds have been expended for the acquisition, construction and maintenance of the
Authorized Improvements and no further expenditures are anticipated to be made for
such purposes.
5
SECTION II
UPDATE OF THE SERVICE PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
Table II -3: Actual v. Estimated Costs of the Project
P ROJECT
A CTUAL C OSTS
E XPENDED
O RIGINAL E STIMATED
PID C OST
C OMPLETION
S TATUS
H ARD C OSTS
T HOROUGHFARE I MPROVEMENTS
Thoroughfare Improvements South of NW Pkwy $2,976,933 $3,046,144 100%
Thoroughfare Improvements not South of NW
Pkwy $5,197,124 $3,794,484 100%
W ATER P ROJECTS
Water Distribution System $1,064,797 $1,148,100 100%
Elevated Water Tank $1,032,838 $960,000 100%
Wastewater Collection System $941,591 $796,050 100%
T RAILS ,L ANDSCAPING /I RRIGATION ,&S CREENING W ALLS
Trail System and Open Space $922,863 $1,011,039 100%
Thoroughfare Landscaping and Irrigation $1,393,452 $1,916,746 100%
Screening Walls and Neighborhood Entry
Features $1,201,681 $700,000 100%
M ONUMENT
Development Signature Monument $0 $0 100%
P ARKS
Public Parks $4,914,806 $4,914,916 100%
Park Drainage Improvements $1,048,799 $925,049 100%
T OTAL H ARD C OSTS $20,694,884 $19,212,528 100%
S OFT C OSTS
Construction Administration/Management $8,543 $50,000 100%
Contingency 2 $1,187,437 100%
G RAND T OTAL $20,703,427 $20,449,965 100%
2 Contingency funds have been expended and are reflected in the actual costs expended for each improvement category
above.
6
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
D Description of Projects
The PID consists of approximately 1,409 residential units, two parks, entry monuments,
and associated rights-of-way, landscaping, and infrastructure necessary to provide
roadways, drainage and utilities to the PID. A brief description of the Authorized
Improvement projects follows below.
1.Thoroughfare Improvements
Northwest Parkway, Trophy Club Drive South of Northwest Parkway, and
Intersection Improvements.
2.Thoroughfare Improvements
Trophy Club Drive other than South of Northwest Parkway, Trophy Club
Park Drive.
3.Water Distribution System
12"/16" water line; 12" water lines in Trophy Club Drive, along Marshall
Creek Road West, and in School Site Oversizing.
4.Elevated Water Tank
5.Wastewater Collection System
Sanitary sewer line within Trophy Club Drive and sewer line to existing
system.
6.Trail System and Open Space
Improvements to the trail system include the construction of new access
paths (including paving) to the Town's existing parks and green space.
7.Thoroughfare Landscaping and Irrigation
Thoroughfare streetscape, median landscaping, sidewalks, irrigation
ponds, and irrigation wells.
8.Screening Walls and Neighborhood Entry Features
Trophy Club Drive decorative masonry screening walls, Marshall Creek
Road East thin screening wall, and neighborhood entry features.
9.Development Signature Monument (Tower)
10.Public Parks
Improvements to the Northeast and Northwest parks including
playgrounds, pavilions, restrooms, soccer fields, baseball fields, and aquatic
facility.
7
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
11.Park Drainage Improvements
The park drainage improvements consist of burying drainage
improvements to the land on which the improvements are located so that
the recovered land can be used for a park and commercial development.
12.Construction Administration/Management
E Annual Budget for the Repayment of Indebtedness
PID budgeted revenues and expenditures as well as a year-end cash flow analysis are
shown by Table II-4 . The 2019 Annual Installments equal $2,156,918.33 and reflect a
credit resulting from the refunding of the 2007 Bonds in December 2015.
Table II -4: 2019 Budget for Annual Installments
REVENUES
Annual Installments to be Collected (Debt Service)$2,110,251.05
Annual Installments to be Collected (Collection Costs)$46,667.28
Total Annual Installments to be Collected $2,156,918.33
Add:Credit Due to Refunding $57,571.45
SUBTOTAL REVENUES $2,214,489.78
EXPENDITURES
Interest Payment on June 1, 2019 ($452,786.25)
Interest Payment on December 1, 2019 ($440,036.25)
Principal Payment on June 1, 2019 ($1,275,000.00)
Subtotal Debt Service ($2,167,822.50)
Budgeted Collection Costs ($46,667.28)
SUBTOTAL EXPENDITURES ($2,214,489 .78)
F Prepayments
Debt service on the 2015 Bonds reflects the redemption of bonds from Assessment
prepayments and/or from funds transferred to the Redemption Fund. Bond redemptions
occurred on May 31, 2016; September 2, 2016; March 15, 2017; June 30, 2017; and
February 28,2018, as shown below in Table II-5.Table II-6 lists the parcels for which
prepayment was received in 2016, 2017, 2018, and 2019. Prior to 2016, assessments were
prepaid for parcels 533293, 533259, 533337, 583659, 583498, 470263, 470265, 470249,
534877,470253, 469327, 465559, 534876, 498935, 533413, 567359, 558503, 558502,
558370, 583378, 469281, 557674, 465572, and 558448. In addition, mandatory
Assessment prepayments were made in connection with the reduction of one unit within
8
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
Phase 3C Neighborhood 7 and the reclassification of Phases I, IIA, and IIB of the
Neighborhood 8 parcels in 2010, 2012, and 2013, respectively.
Table II -5: Principal Redeemed from Prepayments
R EDEMPTION D ATE B ONDS R EDEEMED
May 31, 2016 $16,000.00
September 2, 2016 $49,000.00
March 15, 2017 $33,000.00
June 30, 2017 $34,000.00
February 28, 2018 $43,000.00
T OTAL A MOUNT R EDEEMED $175,000 .00
9
SECTION II
UPDATE OF THE SERVIC E PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
Table II -6 :2016 -2019 Prepaid Parcels
P ARCEL N UMBER P RINCIPAL
635087 $16,974.15
583521 $20,807.03
533318 $27,377.67
635079 $16,727.35
635149 $16,727.35
558342 $16,727.35
635113 $16,727.35
469290 $26,568.79
635088 $16,572.69
470252 $20,232.28
T OTAL P RINCIPAL P REPAID $195 ,603 .37
According to the Service and Assessment Plan, 1,474 units were estimated to be built
within the PID, representing a total of 986.19 Equivalent Units. Note, however, that
Phases I, IIA, and IIB of the Preliminary Plat of The Highlands at Trophy Club
Neighborhood 8 and corresponding to the amended Service and Assessment Plan Update
approved by the Town on September 27, 2010, resulted in a reduction of Equivalents
Units and a corresponding Assessment prepayment.Specifically, the reclassification of
the Neighborhood 8 units reduced the number of expected units by 65 and the number
of Equivalent Units by 12.04.In addition, assessments have been prepaid for 35 parcels
representing 26.05 Equivalent Units. Therefore, the total estimated number of residential
units is equal to 1,374 (1,474 -65 -35), and the total Equivalent Units is 948.10 (986.19 -
12.04 –26.05). These totals are shown in Table II-7 below.
The principal and interest (P&I) portion of the Annual Installment to be collected for 2019
from each Equivalent Unit is equal to approximately $2,225.77 ($2,110,251.05 ÷ 948.10);
that is, the amount of debt service (P&I) expenditures less the 2019 refunding credit
($2,167,822.50 -$57,571.45 = $2,110,251.05) divided by the total Equivalent Units, 948.10.
The Annual Collection Cost to be collected from each Equivalent Unit for 2019 is equal
to $49.22 (i.e., $46,667.28 ÷ 948.10). The total Annual Installment for 2019 to be collected
from each Equivalent Unit is therefore equal to $2,274.99 ($2,225.77 + $49.22).
The Annual Installment for each Lot Type is calculated by multiplying the Annual
Installment for one Equivalent Unit ($2,274.99) by the equivalent unit factor for each Lot
Type.The Equivalent Unit Factor 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 $2,274.99
($2,274.99 x 1.00). The Annual Installment to be collected from each of the remaining
10
SECTION II
UPDATE OF THE SERVICE PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
Lot Types is calculated in the same manner and is shown in Table II-7 below.
Table II -7: Annual Installment per Lot Type
L OT
T YPE
T OTAL
E STIMATED
U NITS (EU)
EU
PER
U NIT
T OTAL
EU
A NNUAL
P&I
PER EU
A NNUAL
C OLLECTION
C OSTS
PER EU
A NNUAL
I NSTALLMENT
PER EU
A NNUAL
I NSTALLMENT
PER U NIT
T OTAL
A NNUAL
I NSTALLMENT
Type 1 156 1.00 156.00 $2,225.50 $4 9 .22 $2,274.99 $2,274.99 $354,898.44
Type 2 49 4 0.76 37 5 .44 $2,225.50 $4 9 .22 $2,274.99 $1,728.99 $848,121.06
Type 3 36 6 0.62 226.92 $2,225.50 $4 9 .22 $2,274.99 $1,410.49 $516,239.34
Type 4 35 8 0.53 189.74 $2,225.50 $4 9 .22 $2,274.99 $1,205.74 $431,654.92
Type
5 3 0 0.44 0.00 $2,225.50 $4 9 .22 $2,274.99 $1,001.00 $0.00
Total 1,3 74 NA 94 8 .10 NA NA NA NA $2,156 ,913 .76 4
3 Lot Type 5 lots no longer exist. They were reclassified to Lot Type 4 lots.
4 Total may not foot to Table II-2 and Table II-4 due to rounding and prepayments.
11
SECTION III
UPDATE OF THE ASSESSMENT
PLAN
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
III 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 dwell ing 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.
12
SECTION IV
UPDATE OF THE ASSESSMENT
ROLL
Town of Trophy Club, Trophy Club PID No. 1 (PID4)September 3,2019
Annual Service Plan Update (2019)
www.FinanceDTA.com
IV UPDATE OF THE ASSESSMENT ROLL
The Assessment Roll is to be updated each year to reflect:
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 2019 Assessment Roll is shown in Appendix A .Each Parcel is identified, along
with the Assessment on each Parcel and the Annual Installment to be collected for
2019.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 = B × (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 no parcel subdivisions since the last update of the Assessment Plan in
2017. 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 2019
Assessment Roll attached hereto as Appendix A.The complete 2019 Assessment Roll is
also available at the Town of Trophy Club, 1 Trophy Wood Drive, Trophy Club, Texas,
76262.
APPENDIX A
Town of Trophy Club
Annual Service Plan Update (2019)
Trophy Club Public Improvement District No. 1 (PID4)
ASSESSMENT ROLL