HomeMy WebLinkAboutResolution 2020-026 RESOLUTION NO. 2020-026
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS APPROVING THE ANNUAL SERVICE
PLAN UPDATE TO THE SERVICE AND ASSESSMENT PLAN,
INCLUDING THE ASSESSMENT ROLLS, FOR THE CITY POINT
PUBLIC IMPROVEMENT DISTRICT IN ACCORDANCE WITH
CHAPTER 372, TEXAS LOCAL GOVERNMENT CODE, AS
AMENDED; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on September 9, 2019, after notice and a public hearing in the manner
required by law, the City Council (the "City Council") of the City of North
Richland Hills, Texas (the "City") passed and approved Resolution No.
2019-035 authorizing the creation of City Point Public Improvement District
(the "District") for the City Point project; and
WHEREAS, on December 9, 2019, after notice and a public hearing in the manner
required by law, the City Council passed Ordinance No. 3625 and
Ordinance No. 3626 approving the "City Point Service and Assessment
Plan," including the Assessment Rolls attached to the Service and
Assessment Plan for Improvement Zone A and Improvement Zone B (the
"Assessment Rolls"), dated December 9, 2019 (the "Service and
Assessment Plan") and levied the Assessments on property within District
in accordance with the Assessment Rolls for the purposes of financing the
public improvements (the "Authorized Improvements") undertaken for the
benefit of such property; and
WHEREAS, Chapter 372, Texas Local Government Code (as amended, the "PID Act")
requires the Service and Assessment Plan to be reviewed and updated
annually for the purposes of determining the annual budget for the
Authorized Improvements; and
WHEREAS, the City Council has received the "City Point Public Improvement District
2020 Annual Service Plan Update" (the "Annual Service Plan Update")
which includes the updated Assessment Rolls and now desires to proceed
with the adoption of this Resolution which approves and adopts the Annual
Service Plan Update and updated Assessment Rolls for District as required
by the PID Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS:
Section 1. Terms. Terms not otherwise defined herein are defined in the Service and
Assessment Plan.
Section 2. Findings. That the recitals and findings in the Recitals of this Resolution are
hereby found and determined to be true and correct and constitute the
legislative findings and determinations of the City Council.
Section 3. Assessment Plan. The Annual Service Plan Update, including the updated
Assessment Rolls contained therein, in the form attached as "Exhibit A" is
hereby approved and the same is incorporated as part of this Resolution as
if fully set forth in the body of this Resolution.
Section 4. Effective Date. This Resolution shall take effect immediately from and after
its passage in accordance with applicable law.
PASSED AND APPROVED on this 22nd day of June 2020.
CITY OF NORTH RICHLAND HILLS
By: fr Cyr
Scott Turnage, {Mayor Pro Tem
ATTEST: odotanwmuillo
F,CkICgNO
Alicia Richardson, Citr cretary, y
'O •.
APPROVED AS TO FORM AND LEGALITY:
ji
Maleshia B. cGinnis, City Attorney
APPROVED AS TO CONTENT:
efr
milir'l
Craig ul•e/Director a Economic Development
Exhibit A
Annual Service Plan Update
[Remainder of page left intentionally blank]
Exhibit A
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CITY POINT
PUBLIC IMPROVEMENT DISTRICT
2020 ANNUAL SERVICE PLAN UPDATE
JUNE 22, 2020
INTRODUCTION
Capitalized terms used in this Annual Service Plan Update shall have the meanings set forth in
the City Point Public Improvement District Service and Assessment Plan (the "SAP"), used for the
issuance of PID Bonds.
The District was created pursuant to the Act by Resolution No. 2019-035 on September 9, 2019
by the City Council to finance certain Authorized Improvements for the benefit of the property
in the District.
On December 9, 2019, the City Council approved the SAP for the District by adopting Ordinance
No.3625 and Ordinance No.3626,which approved the levy of Assessments for Assessed Property
within the District and approved the Assessment Roll.
The SAP identified the Authorized Improvements to be provided by the District, the costs of the
Authorized Improvements, the indebtedness to be incurred for the Authorized Improvements,
and the manner of assessing the property in the District for the costs of the Authorized
Improvements. Pursuant to the Act, the SAP must be reviewed and updated annually. This
document is the Annual Service Plan Update for 2020.
The City Council also adopted an Assessment Roll identifying the Assessments on each Lot within
the District, based on the method of assessment identified in the SAP. This Annual Service Plan
Update also updates the Assessment Roll for 2020.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 1
LISTED EVENTS
The following listed events have occurred in the District:
■ On February 15, 2020, the City wired $1,361,775 to the Bank of New York Mellon
("BONY") for principal and interest due on the City's Tax and Waterworks and Sewer
System (Limited Pledge) Revenue Certificates of Obligation, Series 2010 (the
"Certificates").This was the exact amount due, based on an invoice received from BONY
on February 12, 2020. On February 27, 2020, BONY informed the City that interest was
also due February 15, 2020 on the City's Certificates in the amount of$142,498.75. This
amount was not included in any prior invoice from BONY. BONY officials acknowledged
that no invoice was sent prior to February 27, 2020 for these funds and that no additional
charges were added to the interest payment.The City wired the additional funds to BONY
on February 28, 2020. The timing of this interest payment had no effect on taxpayers.
Adequate funds were available in the account for all payments due on February 15, 2020.
• On June 18, 2019, Megatel Homes, LLC, Megatel Homes II, LLC and Megatel Homes III, LLC
(collectively, the "Megatel Homes Parties") filed a lawsuit in Dallas County Texas District
Court against various funds and entities associated with and controlled by UDF, various
affiliates of CADG owned and controlled by Mehrdad Moayedi (the "Centurion Megatel
Defendants"), and various affiliates of Buffington Land Group, Ltd. (the "Buffington
Megatel Defendants"). The Megatel Homes Lawsuit alleges that UDF, CADG (and the
various Centurion Megatel Defendants) and the Buffington Megatel Defendants were in
a de facto partnership under which UDF financed the purchase and development of land
to be developed into finished lots by the Centurion Megatel Defendants and the
Buffington Megatel Defendants, which finished lots would in turn be purchased from the
Centurion Megatel Defendants and the Buffington Megatel Defendants by the Megatel
Homes Parties with financing also provided by UDF. The Megatel Homes Lawsuit sets
forth five causes of action against various Centurion Megatel Defendants including breach
of fiduciary duties, conspiracy to breach fiduciary duties, breach of the duty of good faith
and fair dealing, and two counts of breach of contract. Such causes of action are in part
based on allegations by the Megatel Parties that(i)various Centurion Megatel Defendants
and UDF conspired to cut the Megatel Parties out of partnership projects so that such
Centurion Megatel Defendants could liquidate them as unfinished lots to different
homebuilders and thereby pay their debts to UDF and (ii) various Centurion Megatel
Defendants and UDF pressured the Megatel Parties to release their rights to finished lots
that the Megatel Parties were entitled to take down upon issuance of a notice of
substantial completion, thereby causing substantial lost profits to the Megatel Parties.
The Megatel Homes lawsuit seeks$100 million dollars in damages.
-
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 2
PARCEL SUBDIVISION
No plats have been filed in the District.
LOT AND HOME SALES UPDATE
Single Family Tracts
Per the Quarterly Reports for Improvement Zone A and Improvement Zone B dated March 31,
2020, the Single Family Tracts are anticipated to be developed into 364 residential Lots. No Lots
have been sold to homebuilders, and construction has not started on any homes.
See Exhibit B for homebuyer disclosures.
Multifamily Tracts
Per the Quarterly Report for Improvement Zone B dated March 31, 2020, the Multifamily Tracts
are anticipated to be developed into 400 multifamily units. Not Lots have been sold to multifamily
builders, and construction has not started on any multifamily units.
Commercial Tracts
Per the Quarterly Report for Improvement Zone A dated March 31, 2020,the Commercial Tracts
are anticipated to be developed into 160,000 square feet of commercial space. No Lots have been
sold to commercial builders, and construction has not started on any commercial pads.
OUTSTANDING ASSESSMENT
Improvement Zone A
Improvement Zone A has an outstanding Assessment is$2,615,000.00.
Improvement Zone B
The Improvement Zone B has an outstanding Assessment of$8,965,000.00.
TIRZ ANNUAL CREDIT
Improvement Zone A
The City Council, in accordance with the TIRZ No. 3 Project Plan, has agreed to use a portion of
TIRZ No. 3 Revenues generated (the"Maximum TIRZ No. 3 Annual Credit Amount")to reduce the
Improvement Zone A Annual Installment for all Improvement Zone A Assessed Property based
on the desire of the City Council to maintain a competitive, composite equivalent ad valorem tax
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 3
rate taking into consideration the tax rates of all applicable taxing units and the equivalent tax
rate of the Annual Installments based on assumed buildout values, but in no event shall the
Maximum TIRZ No.3 Annual Credit Amount exceed the Improvement Zone AAnnual Installment.
The resulting Maximum TIRZ No. 3 Annual Credit Amount for each Lot Type is shown below:
Maximum Annual TIRZ
Lot Type No.3 Credit'
Single Family Tracts
Lot Type SF1 $ 195.44
Lot Type SF2 $ 205.55
Lot Type SF3 $ 219.03
Commercial Tracts
Lot Type Commercial $ 35,313.80
Notes:
1) Maximum Annual TIRZ No. 3 Credit shown per
unit for Single Family Tracts, and per acre for
Commercial Tracts.
The TIRZ No. 3 Revenues available to be applied to the Improvement Zone A Annual Installment
due January 31, 2021 is$0.00.
Improvement Zone B
Per the SAP, TIRZ No. 3 Revenues shall not be used to reduce the Improvement Zone B Annual
Installment.
ANNUAL INSTALLMENT DUE 1/31/2021
Improvement Zone A
• Principal and Interest — The total principal and interest required for the Annual
Installment for Improvement Zone A is$212,106.26.
• Additional Interest — Additional Interest is collected to fund the Additional Interest
Reserve Account. The Additional Interest Reserve Requirement, as defined in the
Improvement Zone A Indenture, is equal to $143,825.00, and has not been met. As such,
the Additional Interest Reserve Account will be funded with Additional Interest on the
outstanding Assessment, resulting in an Additional Interest for Improvement Zone A of
$13,075.00.
• Annual Collection Costs—The cost of administering the District and collecting the Annual
Installments shall be paid for on a pro rata basis by each Parcel based on the amount of
outstanding Assessment remaining on the Parcel. The total Annual Collection Costs
budgeted for the Annual Installment for Improvement Zone A is $14,949.31.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 4
m.roveinent+Zone/Vsu� ,..„
Due January 31, 2021
Principal $ 70,000.00
Interest 142,106.26
Additional Interest 13,075.00
Annual Collection Costs 14,949.31
Total Annual Installment $ 240,130.57
See Exhibit C-1 for the debt service schedule for the Improvement Zone A Bonds as shown in the
official statement.
Improvement Zone B
• Principal and Interest — The total principal and interest required for the Annual
Installment for Improvement Zone B is$602,268.76.
• Additional Interest — Additional Interest is collected to fund the Additional Interest
Reserve Account. The Additional Interest Reserve Requirement, as defined in the
Improvement Zone B Indenture, is equal to $493,075.00, and has not been met. As such,
the Additional Interest Reserve Account will be funded with Additional Interest on the
outstanding Assessment, resulting in an Additional Interest for Improvement Zone B of
$44,825.00
• Annual Collection Costs—The cost of administering the District and collecting the Annual
Installments shall be paid for on a pro rata basis by each Parcel based on the amount of
outstanding Assessment remaining on the Parcel. The total Annual Collection Costs
budgeted for the Annual Installment for Improvement Zone B is$51,250.69.
fin rovenient Zone B'"
Due January 31, 2021
Principal $ 135,000.00
Interest 467,268.76
Additional Interest 44,825.00
Annual Collection Costs 51,250.69
Total Annual Installment $ 698,344.45
See Exhibit C-2 for the debt service schedule for the Improvement Zone B Bonds as shown in the
official statement.
PREPAYMENT OF ASSESSMENTS IN FULL
Improvement Zone A
No full prepayments have occurred within Improvement Zone A.
Improvement Zone B
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 5
No full prepayments have occurred within Improvement Zone B.
PARTIAL PREPAYMENTS OF ASSESSMENTS
Improvement Zone A
No partial prepayments have occurred within Improvement Zone A.
Improvement Zone B
No partial prepayments have occurred within Improvement Zone B.
BOND FUND
P3Works has reviewed the following bond accounts related to the District as of March 31, 2020
and each account contains the amount shown below:
Improvement Zone A
Account: 3/31/2020 Balance
j Pledged Revenue Fund
Bond Pledged Revenue Account $0.00
[Bond Fund
Capitalized Interest Account $71,285.16
Principal and Interest Account $0.01
Project Fund
Improvement Zone A Public Improvements Account $1,804,090.181
Costs of Issuance Account $792.75
Reserve Fund
Reserve Account $238,240.09
Additional Interest Reserve Account $13,107.1
Redemption Fund $0.00
Rebate Fund $0.001
Administrative Fund
-- District Administration Account mm $13,854.14j
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 6
Improvement Zone B
Account: 3/31/2020 Balance
f Pledged Revenue Fund
Bond Pledged Revenue Account $0.00
Eland Fund — _
Capitalized Interest Account $234,397.32
Principal and Interest Account $0.00
Project Fund
improvement Zone A Public Improvem!flAccount_ $6,434,046.34j
Costs of Issuance Account $1,474.30
Leserve Fund
Reserve Account $617,958.20
Additional Interest Reserve Account $44,935.13
Redemption Fund $0.00
I Rebate Fund _- $0.00;
Administrative Fund
District Administration Account $47,496.16 I
BUDGET FOR CONSTRUCTION OF AUTHORIZED IMPROVEMENTS
Per the Quarterly Reports for Improvement Zone and Improvement Zone B dated March 31,
2020, the Authorized Improvements are currently under construction and projected to be
completed in the second quarter 2020. The budget for the Authorized Improvements remains
unchanged. See below for a table depicting the budgets of Improvement Zone A Projects and
Improvement Zone B Projects, and Actual Costs spent to date.
Improvement Zonee& Improvement.Zone 13
Authorized Improvements Budget Spent to Date' Budget Spent to Date'
Roads $ 879,179.86 $ - $3,122,022.26 $
Water 208,164.32 - 739,204.43 Sanitary Sewer 190,998.27 - 678,246.73 -
Storm Drain 201,981.10 - 717,247.40 Landscaping,Entryway,Open Space,and Park Improvements 70,313.26 - 249,686.74 -
Soft Costs 473,400.27 224,534.91 1,681,073.73 769,773.52
$2,024,037.08 $ 224,534.91 $7,187,481.29 $ 769,773.52
Notes:
1)Per the Quarterly Reports for Improvement Zone A and Improvement Zone B dated March 31,2020.
SERVICE PLAN - FIVE YEAR BUDGET FORECAST
The Act requires the annual indebtedness and projected costs for the Authorized Improvements
to be reviewed and updated in the Annual Service Plan Update, and the projection shall cover a
period of not less than five years.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 7
Improvement Zone A
Annual Installment,Duer; .�,,._ 1731 2021,.;7.u1 31 2022 ;'1 3.•2023` ;1/31/2024=" .' 1 3Y.2025 r�
Principal $ 70,000.00 $ 80,000.00 $ 80,000.00 $ 85,000.00 $ 85,000.00
Interest 142,106.26 138,693.76 134,793.76 130,893.76 126,750.00
(1) $212,106.26 $218,693.76 $214,793.76 $215,893.76 $211,750.00
Additional Interest (2) $ 13,075.00 $ 12,725.00 $ 12,325.00 $ 11,925.00 $ 11,500.00
Annual Collection Costs (3) $ 14,949.31 $ 15,107.57 $ 15,226.51 $ 15,343.49 $ 15,438.98
Total Annual Installment Due (4)=(1)+(2)+(3) $240,130.57 $246,526.33 $242,345.27 $243,162.25 $238,688.98
Improvement Zone B
(lnnual4Installment Due,- 'e _ . ' i1/31/2021,. .:1/31/2022 1/31/2023 n. .131'2024 1/31/2025 I
Principal $ 135,000.00 $ 145,000.00 $ 150,000.00 $ 160,000.00 $ 165,000.00
Interest 467,268.76 461,193.76 454,668.76 447,918.76 440,718.76
(1) $602,268.76 $ 606,193.76 $ 604,668.76 $ 607,918.76 $605,718.76
Additional Interest (2) $ 44,825.00 $ 44,150.00 $ 43,425.00 $ 42,675.00 $ 41,875.00
Annual Collection Costs (3) $ 51,250.69 $ 52,416.43 $ 53,647.97 $ 54,908.48 $ 56,218.03
Total Annual Installment Due (4)=(1)+(2)+(3) $698,344.45 $702,760.19 $701,741.73 $705,502.24 $703,811.79
ASSESSMENT ROLL
The list of current Parcels within the District, the corresponding total Assessments, and current
Annual Installment are shown on the Assessment Roll attached hereto as Exhibit A-1 and Exhibit
A-2 for Improvement Zone A and Improvement Zone B, respectively. The Parcels shown on the
Assessment Rolls will receive the bills for the 2020 Annual Installments which will be delinquent
if not paid by January 31, 2021.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 8
EXHIBIT A-1- IMPROVEMENT ZONE A ASSESSMENT ROLL
"';" . rlmprovement;Zone kriff
Outstanding Annual Installment
Parcel Assessment Due 1/31/2021
Single Family Tracts Initial Parcel $ 795,000.00 $ 71,738.58
Commercial Tracts Initial Parcel $ 1,820,000.00 $ 168,391.99
Total $ 2,615,000.00 $ 240,130.57
Notes:
For billing purposes, the outstanding Assessments and Annual Installments due
January 31, 2021 are allocated pro rata to the Property IDs based on acreage. See the
table below for Improvement Zone A Assessment Allocation.
•
ret,t4C . Improvement°ZonesA4ASSeSSrt^entallOcatlon :,a,
Single Family Tracts Initial Parcel Commercial Tracts Initial Parcel
Property ID Acreage Allocation% Acreage Allocation
06904297 - 0.00% - 0.00%
41728262 5.90 15.53% - 0.00%
41728297 15.13 39.86% 3.44 72.25%
42553197 5.95 15.67% - 0.00%
42588217 10.99 28.94% 1.32 27.75%
Total 37.97 100.00% 4.76 100.00%
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 9
EXHIBIT A-2— IMPROVEMENT ZONE B ASSESSMENT ROLL
..:-` ,, Improvement Zonei6 ;` :7*'
Outstanding Annual Installment
Parcel Assessment Due 1/31/2021
Single Family Tracts Initial Parcel $ 5,905,000.00 $ 461,038.69
Multifamily Tracts Initial Parcel $ 3,060,000.00 $ 237,305.76
Total $ 8,965,000.00 $ 698,344.45
Notes:
For billing purposes, the outstanding Assessments and Annual Installments due
January 31, 2021 are allocated pro rata to the Property Ds based on acreage. See the
table below for Improvement Zone B Assessment Allocation.
;,; , improvement Zone B Assessment Allocation'iw , '�wt" ,iz. b;
t:,: , S. .. 4. a,d, m ..kit )•- vL 1. I\ w .'.<e...1....,,: fin."'. Ftd74 t&Rl:6Wft�ii
Single Family Tracts Initial Parcel Multifamily Tracts Initial Parcel
Property ID Acreage Allocation % Acreage Allocation%
04236599 - 0.00% - 0.00%
41343212 - 0.00% - 0.00%
41728262 5.90 15.53% - 0.00%
41728297 15.13 39.86% 3.96 46.42%
42553197 5.95 15.67% - 0.00%
42588217 10.99 28.94% 4.57 53.58%
Total 37.97 100.00% 8.53 100.00%
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 10
EXHIBIT B— HOMEBUYER DISCLOSURES
Homebuyer Disclosures for the following Lot Types within the District are found in this Exhibit:
• Lot Type SF1
• Lot Type SF2
• Lot Type SF3
[Remainder of page left intentionally blank]
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 11
CITY POINT PID HOMEBUYER DISCLOSURE— LOT TYPE SF1
NOTICE OF OBLIGATION TO PAY
PUBLIC IMPROVEMENT DISTRICT ASSESSMENTS
TO THE CITY OF NORTH RICHLAND HILLS,TEXAS
CONCERNING THE PROPERTY AT:
LEGAL DESCRIPTION
OUTSTANDING PRINCIPAL OF THE AUTHORIZED IMPROVEMENT ASSESSMENT:$17,825.69
As the purchaser of the real property located at the street address set forth above, you are
obligated to pay assessments to the City of North Richland Hills,Texas,for the costs of a portion
of public improvements (the "Authorized Improvements"), undertaken for the benefit of the
property within the City Point Public Improvement District (the "District") created under
Subchapter A, Chapter 372, Local Government Code, as amended.
THE PRINCIPAL AMOUNT OF THE ASSESSMENT AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS IS $17,825.69, WHICH MAY BE PAID IN FULL AT ANY TIME;
HOWEVER, IF NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS
WHICH WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID,
COLLECTION COSTS,ADMINISTRATIVE COSTS,AND DELINQUENCY COSTS.
An estimate of the schedule of annual installments is attached; however, it is only an estimate
and is subject to change. The exact amount of the annual installments, including the annual
installments thereof, will be approved each year by the City Council in the Annual Service Plan
Update for the District. More information about the assessment, including the amounts and due
dates, may be obtained from the City Secretary of the City.
Your failure to pay any assessment, or any annual installment thereof, may result in penalties
and interest being added to what you owe and could result in a lien on and the foreclosure of
your property.
The undersigned purchaser acknowledges receipt of the foregoing notice prior to the effective
date of a binding contract for the purchase of the real property at the legal description set forth
above.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 12
IN WITNESS WHEREOF, I have signed this certificate this , 2020.
PURCHASER:
By: By:
Name: Name:
Title: Title:
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he or she executed the same for the purposes therein expressed, in
the capacity stated and as the act and deed of the above-referenced entities as an authorized
signatory of said entities.
Given under my hand and seal of office on this , 2020.
Notary Public, State of Texas
STATE OF TEXAS §
COUNTY OFTARRANT §
The foregoing instrument was acknowledged before me by
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he or she executed the same for the purposes therein expressed, in
the capacity stated and as the act and deed of the above-referenced entities as an authorized
signatory of said entities.
Given under my hand and seal of office on this , 2020.
Notary Public, State of Texas
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 13
PROJECTED ANNUAL INSTALLMENTS
Improvement Zone,A Im•r6vetnehtZohe;13
Installment Due Additional Annual Collection Total Annual.
1/31 Principal Interest.. Principal Interest Interest Costs Installment'
2021 $ 53.21 $ 114.99 $ 239.45 $ 818.80 $ 89.13 $ 101.91 $ 1,417.48
2022 $ 66.51 $ 112.39 $ 252.75 $ 808.03 $ 87.67 $ 104.08 $ 1,431.43
2023 $ 66.51 $ 109.15 $ 266.06 $ 796.65 $ 86.07 $ 106.33 $ 1,430.77
2024 $ 66.51 $ 105.91 $ 279.36 $ 784.68 $ 84.41 $ 108.60 $ 1,429.47
2025 $ 66.51 $ 102.66 $ 292.66 $ 772.11 $ 82.68 $ 111.00 $ 1,427.62
2026 $ 79.82 $ 99.42 $ 292.66 $ 758.94 $ 80.88 $ 113.41 $ 1,425.13
2027 $ 79.82 $ 95.23 $ 305.96 $ 744.67 $ 79.02 $ 115.96 $ 1,420.66
2028 $ 79.82 $ 91.04 $ 332.57 $ 729.76 $ 77.09 $ 118.61 $ 1,428.88
2029 $ 93.12 $ 86.85 $ 345.87 $ 713.54 $ 75.03 $ 121.36 $ 1,435.78
2030 $ 93.12 $ 81.96 $ 359.17 $ 696.68 $ 72.83 $ 124.18 $ 1,427.95
2031 $ 106.42 $ 77.07 $ 372.48 $ 679.17 $ 70.57 $ 127.12 $ 1,432.83
2032 $ 106.42 $ 71.09 $ 385.78 $ 659.62 $ 68.18 $ 130.20 $ 1,421.28
2033 $ 106.42 $ 65.10 $ 412.39 $ 639.36 $ 65.72 $ 133.43 $ 1,422.42
2034 $ 119.72 $ 59.11 $ 425.69 $ 617.71 $ 63.12 $ 136.94 $ 1,422.30
2035 $ 133.03 $ 52.38 $ 452.29 $ 595.36 $ 60.39 $ 140.68 $ 1,434.14
2036 $ 133.03 $ 44.90 $ 478.90 $ 571.62 $ 57.47 $ 144.64 $ 1,430.55
2037 $ 146.33 $ 37.41 $ 492.20 $ 546.48 $ 54.41 $ 148.93 $ 1,425.76
2038 $ 159.63 $ 29.18 $ 518.81 $ 520.64 $ 51.22 $ 153.64 $ 1,433.12
2039 $ 172.94 $ 20.20 $ 545.41 $ 493.40 $ 47.82 $ 158.93 $ 1,438.71
2040 $ 186.24 $ 10.48 $ 572.02 $ 464.76 $ 44.23 $ 165.02 $ 1,442.75
2041 $ - $ - $ 625.23 $ 434.73 $ 40.44 $ 133.19 $ 1,233.60
2042 $ - $ - $ 665.14 $ 401.13 $ 37.31 $ 135.79 $ 1,239.37
2043 $ - $ - $ 691.74 $ 365.38 $ 33.99 $ 138.50 $ 1,229.61
2044 $ - $ - $ 731.65 $ 328.20 $ 30.53 $ 141.26 $ 1,231.63
2045 $ - $ - $ 771.56 $ 288.87 $ 26.87 $ 144.16 $ 1,231.47
2046 $ - $ - $ 824.77 $ 247.40 $ 23,01 $ 147.01 $ 1,242.19
2047 $ - $ - $ 864.68 $ 203.07 $ 18.89 $ 149.86 $ 1,236.49
2048 $ - $ - $ 917.89 $ 156.59 $ 14.57 $ 152.91 $ 1,241.96
2049 $ - $ - $ 971.10 $ 107.25 $ 9.98 $ 156.03 $ 1,244.36
2050 $ - $ - $ 1,024.31 $ 55.06 $ 5.12 $ 159.20 $ 1,243.69
Total $ 2,115.14 $ 1,466.53 $ 15,710.55 $ 15,999.65 $ 1,638.63 $ 4,022.88 $ 40,953.38
1)Annual Installment includes both Single Family Tracts allocable share of Improvement Zone A Annual Installment and Improvement Zone B Annual Installment.The
total Annual Installment does not reflect the TIRZ No.3 Annual Credit Amount.
Note:The figures shown above are estimates only and subject to change in annual service plan update.Changes in Annual Collection Costs,reserve fund requirements,
interest earnings,or other available offsets could Increase or decrease the amounts shown.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 14
CITY POINT PID HOMEBUYER DISCLOSURE— LOT TYPE SF2
NOTICE OF OBLIGATION TO PAY
PUBLIC IMPROVEMENT DISTRICT ASSESSMENTS
TO THE CITY OF NORTH RICHLAND HILLS,TEXAS
CONCERNING THE PROPERTY AT:
LEGAL DESCRIPTION
OUTSTANDING PRINCIPAL OF THE AUTHORIZED IMPROVEMENT ASSESSMENT:$18,747.71
As the purchaser of the real property located at the street address set forth above, you are
obligated to pay assessments to the City of North Richland Hills,Texas, for the costs of a portion
of public improvements (the "Authorized Improvements"), undertaken for the benefit of the
property within the City Point Public Improvement District (the "District") created under
Subchapter A, Chapter 372, Local Government Code, as amended.
THE PRINCIPAL AMOUNT OF THE ASSESSMENT AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS IS $18,747.71, WHICH MAY BE PAID IN FULL AT ANY TIME;
HOWEVER, IF NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS
WHICH WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID,
COLLECTION COSTS,ADMINISTRATIVE COSTS,AND DELINQUENCY COSTS.
An estimate of the schedule of annual installments is attached; however, it is only an estimate
and is subject to change. The exact amount of the annual installments, including the annual
installments thereof, will be approved each year by the City Council in the Annual Service Plan
Update for the District. More information about the assessment, including the amounts and due
dates, may be obtained from the City Secretary of the City.
Your failure to pay any assessment, or any annual installment thereof, may result in penalties
and interest being added to what you owe and could result in a lien on and the foreclosure of
your property.
The undersigned purchaser acknowledges receipt of the foregoing notice prior to the effective
date of a binding contract for the purchase of the real property at the legal description set forth
above.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 15
IN WITNESS WHEREOF, I have signed this certificate this , 2020.
PURCHASER:
By: By:
Name: Name:
Title: Title:
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he or she executed the same for the purposes therein expressed, in
the capacity stated and as the act and deed of the above-referenced entities as an authorized
signatory of said entities.
Given under my hand and seal of office on this 2020.
Notary Public, State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he or she executed the same for the purposes therein expressed, in
the capacity stated and as the act and deed of the above-referenced entities as an authorized
signatory of said entities.
Given under my hand and seal of office on this , 2020.
Notary Public,State of Texas
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 16
PROJECTED ANNUAL INSTALLMENTS
Im•rovement'Zone,A Improvement Zone.R
Installment Due Additional Annual Collection Total Annual
1/31 Principal Interest Principal Interest Interest Costs Installments
2021 $ 55.96 $ 120.93 $ 251.83 $ 861.15 $ 93.74 $ 107.18 $ 1,490.80
2022 $ 69.95 $ 118.21 $ 265.83 $ 849.82 $ 92.20 $ 109.46 $ 1,505.47
2023 $ 69.95 $ 114.79 $ 279.82 $ 837.86 $ 90.52 $ 111.83 $ 1,504.77
2024 $ 69.95 $ 111.38 $ 293.81 $ 825.27 $ 88.77 $ 114.22 $ 1,503.40
2025 $ 69.95 $ 107.97 $ 307.80 $ 812.05 $ 86.95 $ 116.74 $ 1,501.46
2026 $ 83.94 $ 104.56 $ 307.80 $ 798.19 $ 85.06 $ 119.28 $ 1,498.84
2027 $ 83.94 $ 100.16 $ 321.79 $ 783.19 $ 83.11 $ 121.96 $ 1,494.15
2028 $ 83.94 $ 95.75 $ 349.77 $ 767.50 $ 81.08 $ 124.74 $ 1,502.78
2029 $ 97.94 $ 91.34 $ 363.76 $ 750.45 $ 78.91 $ 127.64 $ 1,510.04
2030 $ 97.94 $ 86.20 $ 377.75 $ 732.72 $ 76.60 $ 130.61 $ 1,501.81
2031 $ 111.93 $ 81.06 $ 391.74 $ 714.30 $ 74.22 $ 133.69 $ 1,506.95
2032 $ 111.93 $ 74.76 $ 405.73 $ 693.74 $ 71.70 $ 136.94 $ 1,494.80
2033 $ 111.93 $ 68.47 $ 433.72 $ 672.43 $ 69.11 $ 140.33 $ 1,495.99
2034 $ 125.92 $ 62.17 $ 447.71 $ 649.66 $ 66.39 $ 144.02 $ 1,495.86
2035 $ 139.91 $ 55.09 $ 475.69 $ 626.16 $ 63.52 $ 147.95 $ 1,508.32
2036 $ 139.91 $ 47.22 $ 503.67 $ 601.19 $ 60.44 $ 152.12 $ 1,504.54
2037 $ 153.90 $ 39.35 $ 517.66 $ 574.74 $ 57.22 $ 156.64 $ 1,499.51
2038 $ 167.89 $ 30.69 $ 545.64 $ 547.57 $ 53.86 $ 161.59 $ 1,507.24
2039 $ 181.88 $ 21.25 $ 573.62 $ 518.92 $ 50.30 $ 167.16 $ 1,513.13
2040 $ 195.87 $ 11.02 $ 601.61 $ 488.80 $ 46.52 $ 173.55 $ 1,517.37
2041 $ - $ - $ 657.57 $ 457.22 $ 42.53 $ 140.08 $ 1,297.40
2042 $ - $ - $ 699.54 $ 421.88 $ 39.24 $ 142.81 $ 1,303.47
2043 $ - $ - $ 727.52 $ 384.28 $ 35.75 $ 145.66 $ 1,293.21
2044 $ - $ - $ 769.50 $ 345.17 $ 32.11 $ 148.56 $ 1,295.34
2045 $ - $ - $ 811.47 $ 303.81 $ 28.26 $ 151.62 $ 1,295.16
2046 $ - $ - $ 867.43 $ 260.19 $ 24.20 $ 154.61 $ 1,306.44
2047 $ - $ - $ 909.40 $ 213.57 $ 19.87 $ 157.61 $ 1,300.45
2048 $ - $ - $ 965.37 $ 164.69 $ 15.32 $ 160.82 $ 1,306.20
2049 $ - $ - $ 1,021.33 $ 112.80 $ 10.49 $ 164.10 $ 1,308.72
2050 $ - $ - $ 1,077.29 $ 57.90 $ 5.39 $ 167.44 $ 1,308.02
Total $ 2,224.54 $ 1,542.38 $ 16,523.17 $ 16,827.22 $ 1,723.39 $ 4,230.96 $ 43,071.66
1)Annual Installment includes both Single Family Tracts allocable share of Improvement Zone A Annual Installment and Improvement Zone B Annual Installment.The
total Annual Installment does not reflect the TIRZ No.3 Annual Credit Amount.
Note:The figures shown above are estimates only and subject to change in annual service plan update.Changes in Annual Collection Costs,reserve fund requirements,
interest earnings,or other available offsets could increase or decrease the amounts shown.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 17
CITY POINT PID HOMEBUYER DISCLOSURE— LOT TYPE SF3
NOTICE OF OBLIGATION TO PAY
PUBLIC IMPROVEMENT DISTRICT ASSESSMENTS
TO THE CITY OF NORTH RICHLAND HILLS,TEXAS
CONCERNING THE PROPERTY AT:
LEGAL DESCRIPTION
OUTSTANDING PRINCIPAL OF THE AUTHORIZED IMPROVEMENT ASSESSMENT:$19,977.06
As the purchaser of the real property located at the street address set forth above, you are
obligated to pay assessments to the City of North Richland Hills,Texas,for the costs of a portion
of public improvements (the "Authorized Improvements"), undertaken for the benefit of the
property within the City Point Public Improvement District (the "District") created under
Subchapter A, Chapter 372, Local Government Code, as amended.
THE PRINCIPAL AMOUNT OF THE ASSESSMENT AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS IS $19,977.06, WHICH MAY BE PAID IN FULL AT ANY TIME;
HOWEVER, IF NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS
WHICH WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID,
COLLECTION COSTS,ADMINISTRATIVE COSTS,AND DELINQUENCY COSTS.
An estimate of the schedule of annual installments is attached; however, it is only an estimate
and is subject to change. The exact amount of the annual installments, including the annual
installments thereof, will be approved each year by the City Council in the Annual Service Plan
Update for the District. More information about the assessment, including the amounts and due
dates, may be obtained from the City Secretary of the City.
Your failure to pay any assessment, or any annual installment thereof, may result in penalties
and interest being added to what you owe and could result in a lien on and the foreclosure of
your property.
The undersigned purchaser acknowledges receipt of the foregoing notice prior to the effective
date of a binding contract for the purchase of the real property at the legal description set forth
above.
,.-, . .._
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 18
IN WITNESS WHEREOF, I have signed this certificate this , 2020.
PURCHASER:
By: By:
Name: Name:
Title: Title:
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he or she executed the same for the purposes therein expressed, in
the capacity stated and as the act and deed of the above-referenced entities as an authorized
signatory of said entities.
Given under my hand and seal of office on this 2020.
Notary Public, State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledged to me that he or she executed the same for the purposes therein expressed, in
the capacity stated and as the act and deed of the above-referenced entities as an authorized
signatory of said entities.
Given under my hand and seal of office on this , 2020.
Notary Public, State of Texas
--: _ ,
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 19
PROJECTED ANNUAL INSTALLMENTS
lin•rovement Zone.A. Iln•rovement'Zbne 8
Installment Due Additional Annual Collection Total Annual
1/31 Principal Interest Principal Interest Interest Costs Installment'
2021 $ 59.63 $ 128.86 $ 268.35 $ 917.62 $ 99.89 $ 114.20 $ 1,588.56
2022 $ 74.54 $ 125.96 $ 283.26 $ 905.55 $ 98.25 $ 116.64 $ 1,604.19
2023 $ 74.54 $ 122.32 $ 298.17 $ 892.80 $ 96.46 $ 119.16 $ 1,603.45
2024 $ 74.54 $ 118.69 $ 313.07 $ 879.38 $ 94.59 $ 121.71 $ 1,601.99
2025 $ 74.54 $ 115.05 $ 327.98 $ 865.29 $ 92.65 $ 124.39 $ 1,599.92
2026 $ 89.45 $ 111.42 $ 327.98 $ 850.53 $ 90.64 $ 127.10 $ 1,597.13
2027 $ 89.45 $ 106.72 $ 342.89 $ 834.55 $ 88.56 $ 129.96 $ 1,592.12
2028 $ 89.45 $ 102.03 $ 372.71 $ 817.83 $ 86.39 $ 132.92 $ 1,601.33
2029 $ 104.36 $ 97.33 $ 387.61 $ 799.66 $ 84.08 $ 136.01 $ 1,609.06
2030 $ 104.36 $ 91.85 $ 402.52 $ 780.76 $ 81.62 $ 139.17 $ 1,600.29
2031 $ 119.27 $ 86.37 $ 417.43 $ 761.14 $ 79.09 $ 142.46 $ 1,605.76
2032 $ 119.27 $ 79.67 $ 432.34 $ 739.23 $ 76.40 $ 145.92 $ 1,592.82
2033 $ 119.27 $ 72.96 $ 462.16 $ 716.53 $ 73.65 $ 149.53 $ 1,594.09
2034 $ 134.17 $ 66.25 $ 477.06 $ 692.26 $ 70.74 $ 153.46 $ 1,593.95
2035 $ 149.08 $ 58.70 $ 506.88 $ 667.22 $ 67.68 $ 157.66 $ 1,607.22
2036 $ 149.08 $ 50.32 $ 536.70 $ 640.61 $ 64.40 $ 162.09 $ 1,603.20
2037 $ 163.99 $ 41.93 $ 551.61 $ 612.43 $ 60.97 $ 166.91 $ 1,597.84
2038 $ 178.90 $ 32.71 $ 581.42 $ 583.47 $ 57.40 $ 172.18 $ 1,606.08
2039 $ 193.81 $ 22.64 $ 611.24 $ 552.95 $ 53.60 $ 178.12 $ 1,612.35
2040 $ 208.72 $ 11.74 $ 641.06 $ 520.86 $ 49.57 $ 184.94 $ 1,616.87
2041 $ - $ - $ 700.69 $ 487.20 $ 45.32 $ 149.27 $ 1,382.48
2042 $ - $ - $ 745.41 $ 449.54 $ 41.82 $ 152.18 $ 1,388.95
2043 $ - $ - $ 775.23 $ 409.47 $ 38.09 $ 155.21 $ 1,378.01
2044 $ - $ - $ 819.95 $ 367.81 $ 34.21 $ 158.30 $ 1,380.28
2045 $ - $ - $ 864.68 $ 323.73 $ 30.11 $ 161.56 $ 1,380.09
2046 $ - $ - $ 924.31 $ 277.26 $ 25.79 $ 164.75 $ 1,392.11
2047 $ - $ - $ 969.04 $ 227.57 $ 21.17 $ 167.95 $ 1,385.73
2048 $ - $ - $ 1,028.67 $ 175.49 $ 16.32 $ 171.37 $ 1,391.85
2049 $ - $ - $ 1,088.30 $ 120.20 $ 11.18 $ 174.86 $ 1,394.54
2050 $ - $ - $ 1,147.94 $ 61.70 $ 5.74 $ 178.42 $ 1,393.79
Total $ 2,370.41 $ 1,643.52 $ 17,606.65 $ 17,930.65 $ 1,836.40 $ 4,508.40 $ 45,896.03
1)Annual Installment includes both Single Family Tracts allocable share of Improvement Zone A Annual Installment and Improvement Zone B Annual Installment.The
total Annual Installment does not reflect the TIRZ No.3 Annual Credit Amount.
Note:The figures shown above are estimates only and subject to change in annual service plan update.Changes in Annual Collection Costs,reserve fund requirements,
interest earnings,or other available offsets could increase or decrease the amounts shown.
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 20
EXHIBIT C-1-DEBT SERVICE SCHEDULE- IMPROVEMENT ZONE A
DEBT SERVICE REQUIREMENTS
The following table scts forth the anticipated debt service requirements for the Bonds:
Year Ending
(September 11 Principal Interest Total
2020 - S99,079.65 S99,079.65
202I $70,000.00 142,106.26 212,I06.26
2022 80,000.00 138,693.76 218,693.76
2023 80,000.00 134,793.76 214,793.76
2024 85,000.00 130,893.76 215,893.76
2025 85,000.00 126,750.00 211,750.06
2026 95,000.00 122,606.26 217,606.26
2027 100,000.00 117,618.76 217,618.76
2028 105,000.00 112,368.76 217,368.76
2029 115,000.00 106,856.26 221,856.26
2030 115,000.00 100,818.76 215,818.76
2031 125,000.00 94,781 26 219,78126
2032 130,000.00 87,750.02 217,750.02
2033 140,000.00 80,437.52 220,437.52
2034 150,000.00 72,56252 222,562.52
2035 160,000.00 64,125.00 224,125.00
2036 170,000.00 55,125.00 275,125.00
2037 180,000.00 45,562.50 225,562.50
2038 195,000.00 35,437.52 230,437.52
2039 210,000.00 24,468.76 234,468.76
2040 225.000.00 12.656.26 237.656.26
Total S2615.000.00 R1.905A92.35 9.4 C20.492 35
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 21
EXHIBIT C-2- DEBT SERVICE SCHEDULE- IMPROVEMENT ZONE B
DEBT SERVICE REQUIREMENTS
The following table sets forth the anticipated debt service requirements for the Bonds:
Year Ending
(September 1) Principal Interest Total
2020 - $325,790.17 $325,790.17
2021 $135,000.00 467,268.76 602,268.76
2022 145,000.00 461,193.76 606,193.76
2023 150,000.00 454,668.76 604,668.76
2024 160,000.00 447,918.76 607,918.76
2025 165,000.00 440,718.76 605,718.76
2026 170,000.00 433,293.76 603,293.76
2027 175,000.00 425,006.26 600.00626
2028 190,000.00 416,475.00 606,475.00
2029 195,000.00 407,212.52 602,212.52
2030 205,000.00 397,706.26 602,706 26
2031 215,000.40 387,712.50 602,712.50
2032 220,000.00 376,425.00 596,425.00
2033, 235,000.00 364,875.00 599,875.00
2034 245,000.00 352,537.50 597537.50
2035 260,000.00 339,675:04 599,675.00
2036 270,000.00 326,025.00 596,025.00
2037 280,000.00 311,850.00 591,850.00
2038 295,000.00 297,150.00 592,150.00
2039 310,000.00 281.662.50 591,662.50
2040 325,000.00 265387.50 590,3$7.50
2041 355,000.00 248_325.00 603,325.00
2042 380,000.00 229,243.76 609,243.76
2043 395,000.00 208,818.76 603,818.76
2044 420,000.00 187587.52 697,587.52
2045 440,000.00 165,012.50 605,012.50
2046 470,000.00 141362.50 611,362.50
2047 495,000.00 116.100.00 611,100.00
2048 525,000.00 89,493.76 614,493.76
2049 555,000.00 61,275.00 616,275.00
2050 585.000.00 31.443.76 616.443.76
Total $8.965,009 59.459.215.33 S18.424.215.33
CITY POINT PID 2020 ANNUAL SERVICE PLAN UPDATE 22