HomeMy WebLinkAboutOrdinance 3705 ORDINANCE NO. 3705
AN ORDINANCE 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
2021 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 Ordinance 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 THAT:
Section 1. 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 Ordinance are
hereby found and determined to be true and correct and constitute the
legislative findings and determinations of the City Council.
Ordinance No.3705
Page 1 of 3
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 Ordinance as
if fully set forth in the body of this Ordinance.
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 governing body of the City in adopting this Ordinance 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. Effective Date. This Ordinance shall take effect immediately from and after
its passage in accordance with applicable law.
AND IT IS SO ORDAINED
PASSED AND APPROVED on this 9th day of August, 2021.
CITY OR ICHLA D HILLS
By:
0- \CHL,4 (1��'''J Oscar Trevi o, or
vo
ATTEST: , .....
O: irse
tikkte-eu. • Li h
Alicia Richardson %4•16........•
City Secretary/Chief G�Cf�riataatee Officer
APPROVED AS TO F RM AND LEGALITY:
leshia B. McGinnis, City Attorney
Ordinance No. 3705
Page 2 of 3
APPROit
ID AS ' 1 CONTENT:
Craig Hulse
Director of " c., •mic Development
Ordinance No.3705
Page 3 of 3
•
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CITY POINT
PUBLIC IMPROVEMENT DISTRICT
2021 ANNUAL SERVICE PLAN UPDATE
AUGUST9, 2021
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111
Exhibit"A"Ordinance No.3705
Page 1 of 28
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.
On June 22, 2020, the City Council approved the 2020 Annual Service Plan Update by adopting
Resolution No. 2020-026, which updated the Assessment Roll for 2020.
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 PID Act, the SAP must be reviewed and updated annually. This document is the
2021 Annual Service Plan Update. This 2021 Annual Service Plan Update also updates the
Assessment Rolls for 2021.
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 2 of 28
LISTED EVENTS
Improvement Zone A
The following Listed Events have occurred in Improvement Zone A:
■ 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.
• Set forth below is a list of material event disclosures regarding certain litigation and other
matters involving certain affiliates of Centurion American:
• Westlake Entrada/Flower Mound Riverwalk Project (the "Entrada/Riverwalk
Lawsuit")
• Rainier Medical Investors LLC & RMI River Walk Investors LP v. Centurion
Riverwalk, LLC, et al., in Collin County,Texas
• Megatel Homes III, LLC v. Wilbow-Windhaven Development Corporation v.
Centurion Windhaven, LP, et al.; in Kaufman County Texas
• Cause No. 3:20-CV-00688-L: Megatel Homes, LLC, et al. v. Mehrdad Moayedi, et
al., in U.S. District Court, Northern District of Texas;Cause No. DC-19-08774(in the
160th Judicial District Court, Dallas Co., Texas): Megatel Homes, LLC, et. al. v.
United Development Funding L.P., et. al.;Cause No.380-02960-2020(in the 380th
District Court, Collin County, Texas); Megatel Homes Ill, LLC v. MM Plano 54, LLC;
Cause No. DC-19-18033(in the 160th District Court, Dallas County, Texas);Megatel
Homes III, LLC v. CADG Mercer MM Holdings, LLC et. al.; Megatel Homes Ill, LLC v.
CTMGT Erwin Farms, LLC and CADG Erwin Farms, LLC;Cause No. 219-01995-2021;
219th Judicial District Court, Collin County, Texas;Megatel Homes III, LLC v. CTMGT
Frontier 80, LLC; Cause No. 199-01546-2021; 199th Judicial District Court, Collin
County, Texas.
• More information can be found by visiting the Electronic Municipal Market Access
page at https://emma.msrb.org/IssueView/Details/ER396026
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 3 of 28
Improvement Zone B
The following Listed Events have occurred in Improvement Zone B:
■ 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.
■ Set forth below is a list of material event disclosures regarding certain litigation and other
matters involving certain affiliates of Centurion American:
• Westlake Entrada/Flower Mound Riverwalk Project (the "Entrada/Riverwalk
Lawsuit")
• Rainier Medical Investors LLC & RMI River Walk Investors LP v. Centurion
Riverwalk, LLC, et al., in Collin County,Texas
• Megatel Homes III, LLC v. Wilbow-Windhaven Development Corporation v.
Centurion Windhaven, LP, et al.; in Kaufman County Texas
• Cause No. 3:20-CV-00688-L: Megatel Homes, LLC, et al. v. Mehrdad Moayedi, et
al., in U.S. District Court, Northern District of Texas;Cause No. DC-19-08774(in the
160th Judicial District Court, Dallas Co., Texas): Megatel Homes, LLC, et. al. v.
United Development Funding L.P., et. al.;Cause No. 380-02960-2020(in the 380th
District Court, Collin County, Texas); Megatel Homes III, LLC v. MM Plano 54, LLC;
Cause No. DC-19-18033(in the 160th District Court, Dallas County, Texas);Megatel
Homes Ill, LLC v. CADG Mercer MM Holdings, LLC et. al.;Megatel Homes Ill, LLC v.
CTMGT Erwin Farms, LLC and CADG Erwin Farms, LLC;Cause No. 219-01995-2021;
219th Judicial District Court, Collin County, Texas;Megatel Homes Ill, LLC v. CTMGT
Frontier 80, LLC; Cause No. 199-01546-2021; 199th Judicial District Court, Collin
County, Texas.
• More information can be found by visiting the Electronic Municipal Market Access
page at https://emma.msrb.org/IssueView/Details/ER396025
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 4 of 28
PARCEL SUBDIVISION
Single Family Tracts
No plats have been filed in the Single Family Tracts.
Multifamily Tracts
No plats have been filed in the Multifamily Tracts.
Commercial Tracts
No plats have been filed in the Commercial Tracts.
LOT AND HOME SALES UPDATE
Single Family Tracts
Per the Quarterly Reports for Improvement Zone A and Improvement Zone B dated March 31,
2021, the Single Family Tracts are anticipated to be developed into 364 residential Lots. All
residential Lots are under contract with homebuilders, but 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, 2021, the Multifamily Tracts
are anticipated to be developed into 400 multifamily units. No 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, 2021,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$2,545,000.00.
Improvement Zone B
The Improvement Zone B has an outstanding Assessment of$8,830,000.00.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 5 of 28
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
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 A Annual 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 total TIRZ No. 3 Revenue generated by the Improvement Zone A Assessed Property for the
previous Tax Year available for the TIRZ No. 3 Annual Credit Amount was $12,817.27. However,
as Improvement Zone A has not been final platted. As such, the TIRZ No. 3 Revenue generated
by the Improvement Zone A Assessed Property for the previous Tax Year shall be applied pro rata
based on the outstanding Assessment of each Lot to reduce the principal required for the
Improvement Zone A Annual Installment due January 31, 2022.
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 1/31/2022
Improvement Zone A
• Principal and Interest — The total principal and interest required for the Annual
Installment for Improvement Zone A is$218,693.76.
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 6 of 28
■ TIRZ No 3.Annual Credit Amount—The total TIRZ No. 3 Annual Credit Amount, credited
against the principal and interest required for the Annual Installment, is$12,817.27.
■ 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 $139,975.00, 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
$12,725.00.
■ 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$17,608.04.
_ .!F rove; eat o` e
Due January 31, 2022
Principal $ 80,000.00
Interest 138,693.76
TIRZ No. 3 Annual Credit Amount (12,817.27)
Additional Interest 12,725.00
Annual Collection Costs 17,608.04
Total Annual Installment $ 236,209.53
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$606,193.76.
■ 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 $485,650.00, 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
$44,150.00
■ 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$61,091.96.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 7 of 28
` I n Q rover�nentZoSe r ,t
Due January 31, 2022
Principal $ 145,000.00
Interest 461,193.76
Additional Interest 44,150.00
Annual Collection Costs 61,091.96
Total Annual Installment $ 711,435.72
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
No full prepayments have occurred within Improvement Zone B.
See Exhibit D for the template of the Notice of Termination of Assessment.
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.
[Remainder of page intentionally left blank.]
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 8 of 28
BOND FUND
P3Works has reviewed the following bond accounts related to the District as of March 31, 2021
and each account contains the amount shown below:
Improvement Zone A
Account: 3/31/2021 Balance
:NRH„City Point Zone A 2019 $0.00]
Pledged Revenue Fund $0.00
Bond{Pledged Revenue Account $141;053:13'
Bond Fund $0.00
Capitalized Interest Account . $0.00
Principal and Interest Account $285.11
Project Fund:
Improvement Zone A Public Improvements Account $1,355,075.94
Costs of Issuance`Account.. . - : . ._ $793.31.
Reserve Fund $0.00
Reserve.Account $238,431:09
Additional Interest Reserve Account $26,191.85
Redemption.Fund •_ $0.00:
Rebate Fund $0.00
;Administrative Fund $0.001
District Administration Account $2,327.23
Improvement Zone B
Account: 3/31/2021 Balance
NRH City Point Zone B 2019 r $0.00!
Pledged Revenue Fund $0.00
Bond"Pledged Revenue Account $368;634.38
Bond Fund $0.00
Capitalized Interest Account. $0.00,
..__- _.... -:.. ...._.�.,
Principal and Interest Account $936.95
!Project Fund" : : $0.00:
Improvement Zone B Public Improvements Account $4,844,998.49
Costs of Issuance Account '" $1,475.46;
Reserve Fund $0.00
I Reserve Account= $618,450.28
Additional Interest Reserve Account $89,795.47
;Redemption:Fund $0.00
Rebate Fund $0.00
[Administrative Fund. $0.00;
District Administration Account $45,105.56
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 9 of 28
BUDGET FOR CONSTRUCTION OF AUTHORIZED IMPROVEMENTS
Per the Quarterly Reports for Improvement Zone and Improvement Zone B dated March 31,
2021, the Authorized Improvements are currently under construction and projected to be
completed in the third quarter of 2021. 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.
� mlA,oye ient€Zone,A' 4;:le! ri3'o`i�m"eii +onesE. •
Authorized Improvements Budget Spent to Date' Budget Spent to Date
Roads $ 879,179.86 $ 163,944.04 $3,122,022.26 $ 582,175.14
Water 208,164.32 13,004.78 739,204.43 46,180.72
Sanitary Sewer 190,998.27 26,770.53 678,246.73 95,063.77
Storm Drain 201,981.10 78,370.31 717,247.40 278,297.69
Landscaping,Entryway,Open Space,and Park Improvements 70,313.26 - 249,686.74 -
Soft Costs 473,400.27 392,877.56 1,681,073.73 1,362,160.24
$2,024,037.08 $ 674,967.22 $7,187,481.29 $2,363,877.56
Notes:
1)Per the Quarterly Reports for Improvement Zone A and Improvement Zone B dated March 31,2021.
[Remainder of page intentionally left blank.]
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 10 of 28
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.
Improvement Zone A
e � 'T ' ' a a s 1 tlrf202 t x 3`t3'; 02 . iI 4026.
°1 '1 026 :
Principal $ 80,000.00 $ 80,000.00 $ 85,000.00 $ 85,000.00 $ 95,000.00
Interest 138,693.76 134,793.76 130,893.76 126,750.00 122,606.26
TIRZ No.3 Annual Credit Amount' (12,817.27) - - -
(1) $205,876.49 $214,793.76 $215,893.76 $211,750.00 $217,606.26
Additional Interest (2) $ 12,725.00 $ 12,325.00 $ 11,925.00 $ 11,500.00 $ 11,075.00
Annual Collection Costs (3) $ 17,608.04 $ 17,746.67 $ 17,883.02 $ 17,994.31 $ 18,099.77
Total Annual Installment Due (4)=(1)+(2)+(3) $236,209.53 $244,865.43 $245,701.78 $241,244.31 $246,781.03
Improvement Zone B
iataa'►nsta[In1er Du: `� .,` _ ; "MI 02 � O n P} `202 3 '`r202.-E
Principal $145,000.00 $ 150,000.00 $ 160,000.00 $ 165,000.00 $ 170,000.00
Interest 461,193.76 454,668.76 447,918.76 440,718.76 433,293.76
(1) $606,193.76 $ 604,668.76 $607,918.76 $605,718.76 $ 603,293.76
Additional Interest (2) $ 44,150.00 $ 43,425.00 $ 42,675.00 $ 41,875.00 $ 41,050.00
Annual Collection Costs (3) $ 61,091.96 $ 62,527.33 $ 63,996.46 $ 65,522.76 $ 67,087.64
Total Annual Installment Due (4)=(1)+(2)+(3) $711,435.72 $710,621.09 $714,590.22 $713,116.52 $711,431.40
Notes:
1)The TIRZ No.3 Revenue generated by the Improvement Zone A Assessed Property for the previous Tax Year shall be applied pro
rata based on the outstanding Assessment of each Lot to reduce the principal and interest required for the Improvement Zone A
Annual Installment due January 31,2022.The TIRZ No.3 Annual Credit Amount shall be updated each year in the Annual Service
Plan Update as TIRZ No.3 Revenue is generated.
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 2021 Annual Installments which will be delinquent
if not paid by January 31, 2022.
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CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 11 of 28
EXHIBIT A-1— IMPROVEMENT ZONE A ASSESSMENT ROLL
, . : --, . prow e ron a4.V st . ,;:
. . Outstanding - Annual Installment
Parcel Assessment . Due 1/31/20221`I
Single Family Tracts Initial Parcel $ 775,000.00 $ 72,577.64
Commercial Tracts Initial Parcel $ 1,770,000.00 $ 163,631.89
Total $ 2,545,000.00 $ 236,209.53
Notes:
[a] For billing purposes, the outstanding Assessments and Annual Installments due
January 31, 2022 are allocated pro rata to the Property IDs based on acreage. See the
table below for Improvement Zone A Assessment Allocation.
[b] Totals may not match the outstanding Assessment or Annual Installment due to
rounding.
[c] Cumulative of TIRZ No. 3 Annual Credit Amount.The Annual Installment covers the
period September 1, 2021 to August 31,2022 and is due by January 31, 2022.
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e
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 PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 12 of 28
EXHIBIT A-2— IMPROVEMENT ZONE B ASSESSMENT ROLL
mov- e e. g «- x
Outstanding -Annual Installment
Parcel Assessment • Due 1/31/2022.M
Single Family Tracts Initial Parcel $ 5,815,000.00 $ 468,013.39
Multifamily Tracts Initial Parcel $ 3,015,000.00 $ 243,422.32
Total $ 8,830,000.00 $ 711,435.71
Notes:
[a] For billing purposes, the outstanding Assessments and Annual Installments due
January 31, 2022 are allocated pro rata to the Property IDs based on acreage. See the
table below for Improvement Zone B Assessment Allocation.
[b] Totals may not match the outstanding Assessment or Annual Installment due to
rounding.
[c] The Annual Installment covers the period September 1, 2021 to August 31, 2022
and is due by January 31, 2022.
'sue 1 pro ne i�e,na 7,10 B assess •Allocay io fi `"
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 PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 13 of 28
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.]
_'4=sia':•::5$�'?K" vt.t.,-. 4 t 4,1§1 e",C.,%,,'rt- a:die'.. .,.,. .sa4'i'-..A+ .`1W..;"'-4 ` a s-'S't'
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 14 of 28
AFTER RECORDING RETURN TO:
k'
City Secretary
leS
P.O.Box 820609 I
North Richland Hills, TX 76182-0609 V
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT.
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code,
or Chapter 382, Local Government Code, shall first give to the purchaser of the property this
written notice.
For the purposes of this disclosure, a contract for the purchase and sale of real property having
a performance period of less than six months is considered a sale requiring notice.
This disclosure does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed
of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at
a sale conducted under a power of sale under a deed of trust or a sale under a court-
ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
5) by a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the real
property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
This notice shall be executed by the seller and must be filed in the real property records of the
County in which the property is located.
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
THE CITY OF NORTH RICHLAND HILLS, TEXAS
CONCERNING THE FOLLOWING PROPERTY
STREET ADDRESS
PRINCIPAL LOT TYPE SF1 ASSESSMENT: $17,533.03
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 15 of 28
As the purchaser of the real property described above,you are obligated to pay assessments
to the City of North Richland Hills, Texas, for the costs of a portion of a public improvement or
services project(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.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS,WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of North Richland
Hills.The exact amount of each annual installment will be approved each year by the City Council
in the annual service plan update for the district. More information about the assessments,
including the amounts and due dates,may be obtained from the City of North Richland Hills.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date: Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by and
, known to me to be the person(s) whose name(s) is/are 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 , 20_.
Notary Public, State of Texas
s Am;> _ ,. �... ',J,44!"74: .:'.`_ 744^ 44-, L 7-45.. ,M°7AiftY.{
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 16 of 28
PROJECTED ANNUAL INSTALLMENTS
Installment Due • Annual Collection Total Annual
1/31 . Principal Interest Principal Interest ..Additional Interest . . Costs Installment1 .
2022 $ 66.51 $ 112.39 $ 252.75 $ 808.03 $ 87.67 $ 121.31 $ 1,448.65
2023 $ 66.51 $ 109.15 $ 266.06 $ 796.65 $ 86.07 $ 123.93 $ 1,448.37 I
2024 $ 66.51 $ 105.91 $ 279.36 $ 784.68 $ 84.41 $ 126.58 $ 1,447.44
2025 $ 66.51 $ 102.66 $ 292.66 $ 772.11 $ 82.68 $ 129.37 $ 1,445.99
2026 $ 79.82 $ 99.42 $ 292.66 $ 758.94 $ 80.88 $ 132.18 $ 1,443.90
2027 $ 79.82 $ 95.23 $ 305.96 $ 744.67 $ 79.02 $ 135.16 $ 1,439.86
2028 $ 79.82 $ 91.04 $ 332.57 $ 729.76 $ 77.09 $ 138.24 $ 1,448.51
2029 $ 93.12 $ 86.85 $ 345.87 $ 713.54 $ 75.03 $ 141.45 $ 1,455.86
2030 $ 93.12 $ 81.96 $ 359.17 $ 696.68 $ 72.83 $ 144.74 $ 1,448.51
2031 $ 106.42 $ 77.07 $ 372.48 $ 679.17 $ 70.57 $ 148.16 $ 1,453.87
2032 $ 106.42 $ 71.09 $ 385.78 $ 659.62 $ 68.18 $ 151.75 $ 1,442.83
2033 $ 106.42 $ 65.10 $ 412.39 $ 639.36 $ 65.72 $ 155.51 $ 1,444.50
2034 $ 119.72 $ 59.11 $ 425.69 $ 617.71 $ 63.12 $ 159.60 $ 1,444.96
2035 $ 133.03 $ 52.38 $ 452.29 $ 595.36 $ 60.39 $ 163.96 $ 1,457.42
2036 $ 133.03 $ 44.90 $ 478.90 $ 571.62 $ 57.47 $ 168.58 $ 1,454.49
2037 $ 146.33 $ 37.41 $ 492.20 $ 546.48 $ 54.41 $ 173.58 $ 1,450.41
2038 $ 159.63 $ 29.18 $ 518.81 $ 520.64 $ 51.22 $ 179.07 $ 1,458.54
2039 $ 172.94 $ 20.20 $ 545.41 $ 493.40 $ 47.82 $ 185.24 $ 1,465.02
2040 $ 186.24 $ 10.48 $ 572.02 $ 464.76 $ 44.23 $ 192.33 $ 1,470.06
2041 $ - $ - $ 625.23 $ 434.73 $ 40.44 $ 161.70 $ 1,262.10
2042 $ - $ - $ 665.14 $ 401.13 $ 37.31 $ 164.85 $ 1,268.43
2043 $ - $ - $ 691.74 $ 365.38 $ 33.99 $ 168.14 $ 1,259.25
2044 $ - $ - $ 731.65 $ 328.20 $ 30.53 $ 171.48 $ 1,261.86
2045 $ - $ - $ 771.56 $ 288.87 $ 26.87 $ 175.02 $ 1,262.32
2046 $ - $ - $ 824.77 $ 247.40 $ 23.01 $ 178.47 $ 1,273.65
2047 $ - $ - $ 864.68 $ 203.07 $ 18.89 $ 181.93 $ 1,268.56
2048 $ - $ - $ 917.89 $ 156.59 $ 14.57 $ 185.64 $ 1,274.68
2049 $ - $ - $ 971.10 $ 107.25 $ 9.98 $ 189.42 $ 1,277.75
2050 $ - $ - _ $ 1,024.31 $ 55.06 $ 5.12 $ 193.27 $ 1,277.76
Total $ 2,061.93 $ 1,351.54 $ 15,471.10 $ 15,180.85 $ 1,549.50 $ 4,640.63 $ 40,255.56
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.
,-' ''is.:;«s.:r.af' ", , ,f.. ., '4,444,s."'P':15.'?'. m;.,`;`mac<,., liffli„X ,•.: ,.,,,,J r ^ *f .3;. '.may 7"-7 T,7,75. :.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 17 of 28
AFTER RECORDING RETURN TO: 7-4
City Secretary
P.O.Box 820609 KS
North Richland Hills, TX 76182-0609
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT.
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code,
or Chapter 382, Local Government Code, shall first give to the purchaser of the property this
written notice.
For the purposes of this disclosure, a contract for the purchase and sale of real property having
a performance period of less than six months is considered a sale requiring notice.
This disclosure does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed
of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at
a sale conducted under a power of sale under a deed of trust or a sale under a court-
ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
5) by a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the real
property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
This notice shall be executed by the seller and must be filed in the real property records of the
County in which the property is located.
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
THE CITY OF NORTH RICHLAND HILLS, TEXAS
CONCERNING THE FOLLOWING PROPERTY
STREET ADDRESS
PRINCIPAL LOT TYPE SF2 ASSESSMENT: $18,439.91
- rr..: ;.'.w'-'_'L' +`.:.:•`*' ..1.e F.r",i,u.:d:>5r'°W,t
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 18 of 28
As the purchaser of the real property described above,you are obligated to pay assessments
to the City of North Richland Hills, Texas, for the costs of a portion of a public improvement or
services project(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.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS,WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of North Richland
Hills. The exact amount of each annual installment will be approved each year by the City Council
in the annual service plan update for the district. More information about the assessments,
including the amounts and due dates, may be obtained from the City of North Richland Hills.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date: Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by and
, known to me to be the person(s) whose name(s) is/are 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 , 20 .
Notary Public, State of Texas
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 19 of 28
PROJECTED ANNUAL INSTALLMENTS
s"'S1' -1111aPfo)e` ''Z0 •'A "' ; a: 1z:,t1,1' 1" o+e c» `47
Installment Due Annual Collection Total Annual
1/31 Principal Interest Principal Interest Additional Interest Costs Installment) .
2022 $ 69.95 $ 118.21 $ 265.83 $ 849.82 $ 92.20 $ 127.58 $ 1,523.58
2023 $ 69.95 $ 114.79 $ 279.82 $ 837.86 $ 90.52 $ 130.34 $ 1,523.28
2024 $ 69.95 $ 111.38 $ 293.81 $ 825.27 $ 88.77 $ 133.12 $ 1,522.31
2025 $ 69.95 $ 107.97 $ 307.80 $ 812.05 $ 86.95 $ 136.06 $ 1,520.78
2026 $ 83.94 $ 104.56 $ 307.80 $ 798.19 $ 85.06 $ 139.02 $ 1,518.59
2027 $ 83.94 $ 100.16 $ 321.79 $ 783.19 $ 83.11 $ 142.15 $ 1,514.33
2028 $ 83.94 $ 95.75 $ 349.77 $ 767.50 $ 81.08 $ 145.39 $ 1,523.43
2029 $ 97.94 $ 91.34 $ 363.76 $ 750.45 $ 78.91 $ 148.77 $ 1,531.17
2030 $ 97.94 $ 86.20 $ 377.75 $ 732.72 $ 76.60 $ 152.22 $ 1,523.43
2031 $ 111.93 $ 81.06 $ 391.74 $ 714.30 $ 74.22 $ 155.82 $ 1,529.07
2032 $ 111.93 $ 74.76 $ 405.73 $ 693.74 $ 71.70 $ 159.60 $ 1,517.46
2033 $ 111.93 $ 68.47 $ 433.72 $ 672.43 $ 69.11 $ 163.56 $ 1,519.22
2034 $ 125.92 $ 62.17 $ 447.71 $ 649.66 $ 66.39 $ 167.85 $ 1,519.70
2035 $ 139.91 $ 55.09 $ 475.69 $ 626.16 $ 63.52 $ 172.44 $ 1,532.81
2036 $ 139.91 $ 47.22 $ 503.67 $ 601.19 $ 60.44 $ 177.30 $ 1,529.72
2037 $ 153.90 $ 39.35 $ 517.66 $ 574.74 $ 57.22 $ 182.56 $ 1,525.43
2038 $ 167.89 $ 30.69 $ 545.64 $ 547.57 $ 53.86 $ 188.33 $ 1,533.99
2039 $ 181.88 $ 21.25 $ 573.62 $ 518.92 $ 50.30 $ 194.82 $ 1,540.79
2040 $ 195.87 $ 11.02 $ 601.61 $ 488.80 $ 46.52 $ 202.28 $ 1,546.10
2041 $ - $ - $ 657.57 $ 457.22 $ 42.53 $ 170.06 $ 1,327.38
2042 $ - $ - $ 699.54 $ 421.88 $ 39.24 $ 173.37 $ 1,334.03
2043 $ - $ - $ 727.52 $ 384.28 $ 35.75 $ 176.83 $ 1,324.38
2044 $ - $ - $ 769.50 $ 345.17 $ 32.11 $ 180.35 $ 1,327.13
2045 $ - $ -. $ 811.47 $ 303.81 $ 28.26 $ 184.07 $ 1,327.61
2046 $ - $ - $ 867.43 $ 260.19 $ 24.20 $ 187.70 $ 1,339.53
2047 $ - $ - $ 909.40 $ 213.57 $ 19.87 $ 191.34 $ 1,334.18
2048 $ - $ - $ 965.37 $ 164.69 $ 15.32 $ 195.24 $ 1,340.62
2049 $ - $ - $ 1,021.33 $ 112.80 $ 10.49 $ 199.22 $ 1,343.84
2050 $ - $ - $ 1,077.29 $ 57.90 $ 5.39 $ 203.27 $ 1,343.85
Total $ 2,168.58 $ 1,421.45 $ 16,271.33 $ 15,966.07 $ 1,629.65 $ 4,880.67 $ 42,337.75
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.
y ...�.., * :..;.. .,. :a"',e1CIZIdtEMN!MS�.,w"'"""' 5 .. aq. ";7F r.�+x.a 'ntk.w
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 20 of 28
AFTER RECORDING RETURN TO: {;
City Secretary 1KS
P.O.Box 820609
North Richland Hills, TX 76182-0609
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT.
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code,
or Chapter 382, Local Government Code, shall first give to the purchaser of the property this
written notice.
For the purposes of this disclosure, a contract for the purchase and sale of real property having
a performance period of less than six months is considered a sale requiring notice.
This disclosure does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed
of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at
a sale conducted under a power of sale under a deed of trust or a sale under a court-
ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
5) by a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the real
property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
This notice shall be executed by the seller and must be filed in the real property records of the
County in which the property is located.
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
THE CITY OF NORTH RICHLAND HILLS, TEXAS
CONCERNING THE FOLLOWING PROPERTY
STREET ADDRESS
PRINCIPAL LOT TYPE SF3 ASSESSMENT: $19,649.08
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A'Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 21 of 28
As the purchaser of the real property described above,you are obligated to pay assessments
to the City of North Richland Hills, Texas, for the costs of a portion of a public improvement or
services project(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.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS,WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of North Richland
Hills. The exact amount of each annual installment will be approved each year by the City Council
in the annual service plan update for the district. More information about the assessments,
including the amounts and due dates,may be obtained from the City of North Richland Hills.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date: Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by and
, known to me to be the person(s) whose name(s) is/are 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 , 20_.
Notary Public, State of Texas
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A'Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 22 of 28
PROJECTED ANNUAL INSTALLMENTS .
Installment Due Annual Collection Total Annual
1/31 Principal Interest Principal Interest Additional Interest Costs Installment'
2022 $ 74.54 $ 125.96 $ 283.26 $ 905.55 $ 98.25 $ 135.95 $ 1,623.49
2023 $ 74.54 $ 122.32 $ 298.17 $ 892.80 $ 96.46 $ 138.89 $ 1,623.17
2024 $ 74.54 $ 118.69 $ 313.07 $ 879.38 $ 94.59 $ 141.85 $ 1,622.13
2025 $ 74.54 $ 115.05 $ 327.98 $ 865.29 $ 92.65 $ 144.98 $ 1,620.51
2026 $ 89.45 $ 111.42 $ 327.98 $ 850.53 $ 90.64 $ 148.14 $ 1,618.16
2027 $ 89.45 $ 106.72 $ 342.89 $ 834.55 $ 88.56 $ 151.47 $ 1,613.63
2028 $ 89.45 $ 102.03 $ 372.71 $ 817.83 $ 86.39 $ 154.92 $ 1,623.33
2029 $ 104.36 $ 97.33 $ 387.61 $ 799.66 $ 84.08 $ 158.52 $ 1,631.57
2030 $ 104.36 $ 91.85 $ 402.52 $ 780.76 $ 81.62 $ 162.21 $ 1,623.33
2031 $ 119.27 $ 86.37 $ 417.43 $ 761.14 $ 79.09 $ 166.04 $ 1,629.34
2032 $ 119.27 $ 79.67 $ 432.34 $ 739.23 $ 76.40 $ 170.07 $ 1,616.97
2033 $ 119.27 $ 72.96 $ 462.16 $ 716.53 $ 73.65 $ 174.28 $ 1,618.84
2034 $ 134.17 $ 66.25 $ 477.06 $ 692.26 $ 70.74 $ 178.86 $ 1,619.35
2035 $ 149.08 $ 58.70 $ 506.88 $ 667.22 $ 67.68 $ 183.75 $ 1,633.32
2036 $ 149.08 $ 50.32 $ 536.70 $ 640.61 $ 64.40 $ 188.92 $ 1,630.03
2037 $ 163.99 $ 41.93 $ 551.61 $ 612.43 $ 60.97 $ 194.53 $ 1,625.46
2038 $ 178.90 $ 32.71 $ 581.42 $ 583.47 $ 57.40 $ 200.68 $ 1,634.58
2039 $ 193.81 $ 22.64 $ 611.24 $ 552.95 $ 53.60 $ 207.60 $ 1,641.83
2040 $ 208.72 $ 11.74 $ 641.06 $ 520.86 $ 49.57 $ 215.54 $ 1,647.48
2041 $ - $ - $ 700.69 $ 487.20 $ 45.32 $ 181.21 $ 1,414.42
2042 $ - $ - $ 745.41 $ 449.54 $ 41.82 $ 184.74 $ 1,421.51
2043 $ - $ - $ 775.23 $ 409.47 $ 38.09 $ 188.43 $ 1,411.22
2044 $ - $ - $ 819.95 $ 367.81 $ 34.21 $ 192.18 $ 1,414.15
2045 $ - $ - $ 864.68 $ 323.73 $ 30.11 $ 196.14 $ 1,414.67
2046 $ - $ - $ 924.31 $ 277.26 $ 25.79 $ 200.01 $ 1,427.36
2047 $ - $ - $ 969.04 $ 227.57 $ 21.17 $ 203.89 $ 1,421.67
2048 $ - $ - $ 1,028.67 $ 175.49 $ 16.32 $ 208.04 $ 1,428.53
2049 $ - $ - $ 1,088.30 $ 120.20 $ 11.18 $ 212.28 $ 1,431.96
2050 $ - $ - $ 1,147.94 $ 61.70 $ 5.74 $ 216.60 $ 1,431.98
Total $ 2,310.78 $ 1,514.66 $ 17,338.30 $ 17,013.02 $ 1,736.51 $ 5,200.71 $ 45,113.99
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 PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 23 of 28
EXHIBIT C-1- DEBT SERVICE SCHEDULE- IMPROVEMENT ZONE A
DEBT SERVICE REQUIREMENTS
The following table sets forth the anticipated debt service requirements for the Bonds:
Year Ending
(September 1) Principal Interest Total
2020 - $99,079.65 $99,079.65
2021 $70,000.00 142,106.26 212,106.26
2022 80,000.00 138,03.76 218,693,76
2023 80,000.00 134,793.76 214,793.76
2024 85,000.00 130,893.76 215,893.76
2025 85,000.00 126,750.00 211,750.00
2026 95,000.00 122,606.26 217,606.26
2027 100,000.00 117,618.76 217,618.76
2028 105,600.00 112,368.76 217,368.76
2029 115,000.00 106,856.26 221,856.26
2030 115,000.00 100,818.76 215,818.76
2031 125,000.00 94,781.26 219,781-26
2032 130,000.00 87,750.02 217,750.02
2033 140,000.00 80,437.52 220,437.52
2034 150,000.00 72,562.52 222562.52
2035 160,000.00 64,125.00 224,125,00
2036 170,000.00 55,125.00 225,125.00
2037 180,000.00 45,562.50 225562.50
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 %2.615.0110.00 9l.4115A92.35 Szl C20.492 35
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 24 of 28
EXHIBIT C-2- DEBT SERVICE SCHEDULE- IMPROVEMENT ZONE B
DEBT SE'VICE REQUIREMENTS
The following table sets forth the anticipated debt service requirements for the Bonds:
Year Ending
(September 1) Principal Interest Total
2020 - S325,790.17 $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
2077 175,000.00 425,006.26 600,006.26
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 215,000.00 387,712.50 602,712.50
2032 220,000.00 376,425.00 596,425.00
2033 235,000.00 364,875.00 599,875.00
2034 245,000.00 352,537.50 597,537.50
2035 260,000,00 339,675.00 599,675.00
2036 270,000.00 326,025.00 596,025.00
2037 280,000.00 311,850L0 591,850.00
2038 295,000.00 297,150.00 592,150.00
2039 310,000.00 281,662.50 591,662.50
2040 325,000,00 265,387.50 590,387.50
2041 355,000.00 248,325 AID 603,325.00
2047 380,000.00 229,243,76 609,243.76
2043 395,000,00 208,818,76 603,818.76
2044 420,000.00 187,587.52 607,587.52
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 S8.965.000 S9.459.215.31 S18.424.215.33
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 25 of 28
EXHIBIT D— FORM OF NOTICE OF PID ASSESSMENT TERMINATION
P3Works,LLC
p
KS 9284 Huntington Square, Suite 100
North Richland Hills, TX 76182
[Date]
Tarrant County Clerk's Office
Honorable Mary Louise Nicholson
100 W. Weatherford
Fort Worth, TX 76196
Re: City of North Richland Hills Lien Release documents for filing
Dear Ms.Nicholson
Enclosed is a lien release that the City of North Richland Hills is requesting to be filed in your
office.Lien release for[insert legal description].Recording Numbers: [Plat].Please forward copies
of the filed documents to my attention:
City of North Richland Hills
Attn: Alicia Richardson
4301 City Point Drive
Second Floor
North Richland Hills, TX 76180
Please contact me if you have any questions or need additional information.
Sincerely,
[Signature]
P3Works,LLC
(817) 393-0353
Admin@,P3-Works.com
www.P3-Works.com
$ - ' 0,01
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A'Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 26 of 28
AFTER RECORDING RETURN TO:
Alicia Richardson
4301 City Point Drive
Second Floor
North Richland Hills,TX 76180
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON,YOU
MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION
FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY
BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL
SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN
STATE OF TEXAS §
§ NOW ALL MEN BY THESE PRESENTS:
COUNTY OF TARRANT §
THIS FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN(this "Full
Release") is executed and delivered as of the Effective Date by the City of North Richland Hills
Texas, a Texas home rule municipality.
RECITALS
WHEREAS,the governing body(hereinafter referred to as the "City Council")of the City
of North Richland Hills,Texas(hereinafter referred to as the "City"),is authorized by Chapter 372,
Texas Local Government Code, as amended(hereinafter referred to as the "Act"),to create public
improvement districts within the corporate limits and of the City; and
P � tY�
WHEREAS, on or about September 9, 2019, the City Council for the City, approved
Resolution No. 2019-035, creating the City Point Public Improvement District; and
WHEREAS,the City Point Public Improvement District consists of approximately 52.873
contiguous acres within the and corporate limits of the City/County; and
WHEREAS, on or about December 9, 2019, the City Council, approved Ordinance No.
3625, (hereinafter referred to as the "Assessment Ordinance")approving a service and assessment
plan and assessment roll for the Property within City Point Public Improvement District; and
WHEREAS,the Assessment Ordinance imposed an assessment(the"Lien")in the amount
of [amount] (hereinafter referred to as the "Lien Amount") for the following property: [legal
description], a subdivision in Tarrant County, Texas, according to the map or plat of record in
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 27 of 28
Document/Instrument No. of the Plat Records of Tarrant County, Texas (hereinafter
referred to as the "Property"); and
WHEREAS,the property owners of the Property have paid unto the City the Lien Amount.
RELEASE
NOW THEREFORE, the City, the owner and holder of the Lien, Instrument No. , in
the Real Property Records of Tarrant County, Texas, in the amount of the Lien Amount against
the Property releases and discharges, and by these presents does hereby release and discharge,the
above-described Property from said Lien held by the undersigned securing said indebtedness.
EXECUTED to be EFFECTIVE this the day of , 20_.
CITY/COUNTY OF TARRANT,TEXAS,
A Texas home rule municipality,
By:
Mark E. Hindman, City Administrator
ATTEST:
Alicia Richardson, City Secretary
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on the day of ,20 ,
by Mark E. Hindman, City Administrator for the City of North Richland Hills, Texas, a Texas
home rule municipality, on behalf of said municipality.
Notary Public, State of Texas
> - `'- ,, z. x,attiw ;, ,a�,;;,,, 5"4r" ,:.c+- f
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 28 of 28
D221235227 08/16/2021 08:39 AM Page: 1 of 31 Fee: $139.00 Submitter: Traci Henderson
Electronically Recorded by Tarrant County Clerk in Official Public Records to� ,�
MARY LOUISE NICHOLSON
COUNTY CLERK
ORDINANCE NO. 3705
AN ORDINANCE 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
2021 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 Ordinance 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 THAT:
Section 1. 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 Ordinance are
hereby found and determined to be true and correct and constitute the
legislative findings and determinations of the City Council.
Ordinance No.3705
Page 1 of 3
D221235227 Page 2 of 31
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 Ordinance as
if fully set forth in the body of this Ordinance.
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 governing body of the City in adopting this Ordinance 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. Effective Date. This Ordinance shall take effect immediately from and after
its passage in accordance with applicable law.
AND IT IS SO ORDAINED
PASSED AND APPROVED on this 9th day of August, 2021.
CITY NOV
ND HILLS
By:
aj%%111,,,1,1� Oscar T vin ,
41
ATTEST: 0
• LLr
Alicia Richardson o J ' •... -�`?
City Secretary/Chief Gove'r�iande ddicer
APPROVED AS FORM AND LEGALITY:
a
aleshia B. McGinnis, City Attorney
Ordinance No.3705
Page 2 of 3
D221235227 Page 3 of 31
APPROV AS CONTENT:
Craig Hulse
Director of c 4nmic Development
i
I -
Ordinance No.3705
Page 3 of 3
D221235227 Page 4 of 31
IPKS
CITY POINT
PUBLIC IMPROVEMENT DISTRICT
2021 ANNUAL SERVICE PLAN UPDATE
AUGUST9, 2021
Exhibit"A"Ordinance No.3705
Page 1 of 28
D221235227 Page 5 of 31
I
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.
On June 22, 2020, the City Council approved the 2020 Annual Service Plan Update by adopting
Resolution No. 2020-026, which updated the Assessment Roll for 2020.
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.
i
Pursuant to the PID Act, the SAP must be reviewed and updated annually. This document is the
2021 Annual Service Plan Update. This 2021 Annual Service Plan Update also updates the
Assessment Rolls for 2021.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 2 of 28
D221235227 Page 6 of 31
LISTED EVENTS
Improvement Zone A
The following Listed Events have occurred in Improvement Zone A:
■ 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.
■ Set forth below is a list of material event disclosures regarding certain litigation and other
matters involving certain affiliates of Centurion American:
■ Westlake Entrada/Flower Mound Riverwalk Project (the "Entrada/Riverwalk
Lawsuit")
■ Rainier Medical Investors LLC & RMI River Walk Investors LP v. Centurion
Riverwalk, LLC, et al., in Collin County,Texas
■ Megatel Homes III, LLC v. Wilbow-Windhaven Development Corporation v.
Centurion Windhaven, LP, et al.; in Kaufman County Texas
■ Cause No. 3:20-CV-00688-L: Megatel Homes, LLC, et al. v. Mehrdad Moayedi, et
al., in U.S. District Court, Northern District of Texas;Cause No. DC-19-08774(in the
160th Judicial District Court, Dallas Co., Texas): Megatel Homes, LLC, et. al. v.
United Development Funding L.P., et. al.;Cause No.380-02960-2020(in the 380th
District Court, Collin County, Texas), Megatel Homes Ill, LLC v. MM Plano 54, LLC;
Cause No. DC-19-18033(in the 160th District Court, Dallas County, Texas);Megatel
Homes lll, LLC v. CADG Mercer MM Holdings, LLC et. al.; Megatel Homes 1/1, LLC v.
CTMGT Erwin Farms, LLC and CADG Erwin Farms, LLC;Cause No. 219-01995-2021;
219th Judicial District Court, Collin County, Texas;Megatel Homes lll, LLC v. CTMGT
Frontier 80, LLC; Cause No. 199-01546-2021; 199th Judicial District Court, Collin
County, Texas.
■ More information can be found by visiting the Electronic Municipal Market Access
page at https:Hemma.msrb.org/issueView/Details/ER396026
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 3 of 28
D221235227 Page 7 of 31
Improvement Zone B
The following Listed Events have occurred in Improvement Zone B:
I
■ 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.
■ Set forth below is a list of material event disclosures regarding certain litigation and other
matters involving certain affiliates of Centurion American:
■ Westlake Entrada/Flower Mound Riverwalk Project (the "Entrada/Riverwalk
Lawsuit")
■ Rainier Medical Investors LLC & RMI River Walk Investors LP v. Centurion
Riverwalk, LLC, et al., in Collin County,Texas
■ Megatel Homes III, LLC v. Wilbow-Windhaven Development Corporation v.
Centurion Windhaven, LP, et al.; in Kaufman County Texas
■ Cause No. 3:20-CV-00688-L: Megatel Homes, LLC, et al. v. Mehrdad Moayedi, et
al., in U.S. District Court, Northern District of Texas;Cause No. DC-19-08774(in the
160th Judicial District Court, Dallas Co., Texas): Megatel Homes, LLC, et. al. v.
United Development Funding L.P., et. al.;Cause No. 380-02960-2020(in the 380th
District Court, Collin County, Texas); Megatel Homes ///, LLC v. MM Plano 54, LLC;
Cause No. DC-19-18033(in the 160th District Court, Dallas County, Texas);Megatel
Homes lll, LLC v. CADG Mercer MM Holdings, LLC et. al.;Megatel Homes///, LLC v.
CTMGT Erwin Farms, LLC and CADG Erwin Farms, LLC;Cause No. 219-01995-2021;
219th Judicial District Court, Collin County, Texas,Megatel Homes lll, LLC v. CTMGT
Frontier 80, LLC; Cause No. 199-01546-2021; 199th Judicial District Court, Collin
County, Texas.
■ More information can be found by visiting the Electronic Municipal Market Access
page at https://emma.msrb.org/IssueView/Details/ER396025
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 4 of 28
I
D221235227 Page 8 of 31
[PARCEL SUBDIVISION
Single Family Tracts
No plats have been filed in the Single Family Tracts.
Multifamily Tracts
No plats have been filed in the Multifamily Tracts.
Commercial Tracts
No plats have been filed in the Commercial Tracts.
i
LOT AND HOME SALES UPDATE
Single Family Tracts
Per the Quarterly Reports for Improvement Zone A and Improvement Zone B dated March 31,
2021, the Single Family Tracts are anticipated to be developed into 364 residential Lots. All
residential Lots are under contract with homebuilders, but 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, 2021, the Multifamily Tracts
are anticipated to be developed into 400 multifamily units. No 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, 2021,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$2,545,000.00.
Improvement Zone B
The Improvement Zone B has an outstanding Assessment of$8,830,000.00.
_,
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 5 of 28
D221235227 Page 9 of 31
TIRZ ANNUAL CREDIT
i
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
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 A Annual 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 total TIRZ No. 3 Revenue generated by the Improvement Zone A Assessed Property for the
previous Tax Year available for the TIRZ No. 3 Annual Credit Amount was $12,817.27. However,
as Improvement Zone A has not been final platted. As such, the TIRZ No. 3 Revenue generated
by the Improvement Zone A Assessed Property for the previous Tax Year shall be applied pro rata
based on the outstanding Assessment of each Lot to reduce the principal required for the
Improvement Zone A Annual Installment due January 31, 2022.
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 1/31/2022
Improvement Zone A
■ Principal and Interest — The total principal and interest required for the Annual
Installment for Improvement Zone A is$218,693.76.
,
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 6 of 28
D221235227 Page 10 of 31
■ TIRZ No 3.Annual Credit Amount—The total TIRZ No. 3 Annual Credit Amount, credited
against the principal and interest required for the Annual Installment, is$12,817.27.
■ 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 $139,975.00, 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
$12,725.00.
■ 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$17,608.04.
-,'F
Due January 31, 2022
Principal $ 80,000.00
Interest 138,693.76
TIRZ No. 3 Annual Credit Amount (12,817.27)
Additional Interest 12,725.00
Annual Collection Costs 17,608.04
Total Annual Installment $ 236,209.53
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$606,193.76.
■ 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 $485,650.00, 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
$44,150.00
■ 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$61,091.96.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 7 of 28
D221235227 Page 11 of 31
MRX
Principal $ 145,000.00
Interest 461,193.76
Additional Interest 44,150.00
Annual Collection Costs 61,091.96
Total Annual Installment $ 711,435.72
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
No full prepayments have occurred within Improvement Zone B.
See Exhibit D for the template of the Notice of Termination of Assessment.
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.
[Remainder of page intentionally left blank.]
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 8 of 28
D221235227 Page 12 of 31
I
[BONLDF UND
P3Works has reviewed the following bond accounts related to the District as of March 31, 2021
and each account contains the amount shown below:
Improvement Zone A
Account: 3/31/2021 Balance
:NRH Cit Point Zone A 2619` $0.00
Pledged Revenue Fund $0.00
_Bond,Pledged,Revenue Account-
Bond
Bond Fund $0.00
-Capitalized Interest Account $0.00;
Principal and Interest Account $285.11
Project-Fund:_
Improvement Zone A Public Improvements Account $1,355,075.94
Costs"of lssuance`Account.. . $793.31:
Reserve Fund $0.00
Reserve.Account m$238,431:09
Additional Interest Reserve Account $26,191.85
Redemption:Fund $0.06'
Rebate Fund $0.00
;Administrative Fund $0.00!
District Administration Account $2,327.23
Improvement Zone B
Account: 3/31/2021 Balance
;NRH City PointZone B2019 $0.001
Pledged Revenue Fund $0.00
Bond"Pledged Revenue Account $368;634.3&
Bond Fund $0.00
Capitalized Int erest Account. $0.00;
..__" _.... " _-:.. ...._.�.,
Principal and Interest Account $936.95
Project Fund" : : $0.00:
Improvement Zone B Public Improvements Account $4,844,998.49
Costs ofdssuance Account '" $1,475.4'6;
Reserve Fund $0.00
I Reserve Account= $618,450.28
Additional Interest Reserve Account $89,795.47
Aedemption.Fund - . $0.00
Rebate Fund $0.00
(Administrative Fund." $0.0.0;
District Administration Account $45,105.56
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 9 of 28
D221235227 Page 13 of 31
BUDGET FOR CONSTRUCTION OF AUTHORIZED IMPROVEMENTS
Per the Quarterly Reports for Improvement Zone and Improvement Zone B dated March 31,
2021, the Authorized Improvements are currently under construction and projected to be
completed in the third quarter of 2021. 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. p q
Authorized Improvements Budget Spent to Date' Budget Spent to Date�
Roads $ 879,179.86 $ 163,944.04 $3,122,022.26 $ 582,175.14
Water 208,164.32 13,004.78 739,204.43 46,180.72
Sanitary Sewer 190,998.27 26,770.53 678,246.73 95,063.77
Storm Drain 201,981.10 78,370.31 717,247.40 278,297.69
Landscaping,Entryway,Open Space,and Park Improvements 70,313.26 - 249,686.74 -
Soft Costs 473,400.27 392,877.56 1,681,073.73 1,362,160.24
$2,024,037.08 $ 674,967.22 $7,187,481.29 $2,363,877.56
Notes:
1)Per the Quarterly Reports for Improvement Zone A and Improvement Zone B dated March 31,2021.
[Remainder of page intentionally left blank.]
4-
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 10 of 28
D221235227 Page 14 of 31
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.
Improvement Zone A
Principal $ 80,000.00 $ 80,000.00 $ 85,000.00 $ 85,000.00 $ 95,000.00
Interest 138,693.76 134,793.76 130,893.76 126,750.00 122,606.26
TIRZ No.3 Annual Credit Amount' (12,817.27) - - - -
(1) $205,876.49 $214,793.76 $215,893.76 $211,750.00 $217,606.26
Additional Interest (2) $ 12,725.00 $ 12,325.00 $ 11,925.00 $ 11,500.00 $ 11,075.00
Annual Collection Costs (3) $ 17,608.04 $ 17,746.67 $ 17,883.02 $ 17,994.31 $ 18,099.77
Total Annual Installment Due (4)=(1)+(2)+(3) $236,209.53 $244,865.43 $245,701.78 $241,244.31 $246,781.03
Improvement Zone B
;yy„yy; MMn P r-• p
Principal $145,000.00 $ 150,000.00 $ 160,000.00 $ 165,000.00 $ 170,000.00
Interest 461,193.76 454,668.76 447,918.76 440,718.76 433,293.76
(1) $606,193.76 $ 604,668.76 $607,918.76 $605,718.76 $ 603,293.76
Additional Interest (2) $ 44,150.00 $ 43,425.00 $ 42,675.00 $ 41,875.00 $ 41,050.00
Annual Collection Costs (3) $ 61,091.96 $ 62,527.33 $ 63,996.46 $ 65,522.76 $ 67,087.64
Total Annual Installment Due (4)=(1)+(2)+(3) $711,435.72 $710,621.09 $714,590.22 $713,116.52 $711,431.40
Notes:
1)The TIRZ No.3 Revenue generated by the Improvement Zone A Assessed Property for the previous Tax Year shall be applied pro
rata based on the outstanding Assessment of each Lot to reduce the principal and interest required for the Improvement Zone A
Annual Installment due January 31,2022.The TIRZ No.3 Annual Credit Amount shall be updated each year in the Annual Service
Plan Update as TIRZ No.3 Revenue is generated.
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 2021 Annual Installments which will be delinquent
if not paid by January 31, 2022.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 11 of 28
D221235227 Page 15 of 31
EXHIBIT A-1— IMPROVEMENT ZONE A ASSESSMENT ROLL
a
.ra,
W �:
Outstanding Annual
AssessmentParcel 1
Single Family Tracts Initial Parcel $ 775,000.00 $ 72,577.64
Commercial Tracts Initial Parcel $ 1,770,000.00 $ 163,631.89
Total $ 2,545,000.00 $ 236,209.53
Notes:
[a] For billing purposes, the outstanding Assessments and Annual Installments due
January 31, 2022 are allocated pro rata to the Property IDs based on acreage. See the
table below for Improvement Zone A Assessment Allocation.
[b] Totals may not match the outstanding Assessment or Annual Installment due to
rounding.
[c] Cumulative of TIRZ No. 3 Annual Credit Amount.The Annual Installment covers the
period September 1, 2021 to August 31,2022 and is due by January 31, 2022.
i
F - .._.:g
bo':,Y-- ,�'�` .tidt*.-,�-w '; `r+®4'gr `-G_
Single Family Tracts Initial Parcel Commercial Tracts Initial Parcel
Property 1 AcreageAllocationAcreage 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 PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 12 of 28
D221235227 Page 16 of 31
EXHIBIT A-2- IMPROVEMENT ZONE B ASSESSMENT ROLL
Outstanding, '"Ahnuail Installment
Parcel Assessment Due 1/31/20221c)
Single Family Tracts Initial Parcel $ 5,815,000.00 $ 468,013.39
Multifamily Tracts Initial Parcel $ 3,015,000.00 $ 243,422.32
Total $ 8,830,000.00 $ 711,435.71
Notes:
[a] For billing purposes, the outstanding Assessments and Annual Installments due
January 31, 2022 are allocated pro rata to the Property IDs based on acreage. See the
table below for Improvement Zone B Assessment Allocation.
[b] Totals may not match the outstanding Assessment or Annual Installment due to
rounding.
[c] The Annual Installment covers the period September 1, 2021 to August 31, 2022
and is due by January 31, 2022.
+-� �ti r�� t'h.,,• ' .<�fi.•- fir. ,.. C'<?' ..
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% 1 4.57 53.58%
Total 37.97 100.00% 8.53 100.00%
Y-
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 13 of 28
D221235227 Page 17 of 31
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 PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 14 of 28
D221235227 Page 18 of 31
AFTER RECORDING RETURN TO:
k'
City Secretary K
P.O.Box 820609
North Richland Hills, TX 76182-0609
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT.
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code,
or Chapter 382, Local Government Code, shall first give to the purchaser of the property this
written notice.
I
For the purposes of this disclosure, a contract for the purchase and sale of real property having
a performance period of less than six months is considered a sale requiring notice.
This disclosure does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed
of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at
a sale conducted under a power of sale under a deed of trust or a sale under a court-
ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
5) by a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the real
property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
j
This notice shall be executed by the seller and must be filed in the real property records of the
County in which the property is located.
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
THE CITY OF NORTH RICHLAND HILLS, TEXAS
CONCERNING THE FOLLOWING PROPERTY
I
I
j STREET ADDRESS
j
PRINCIPAL LOT TYPE SF1 ASSESSMENT: $17,533.03
I
i
,. _ �s.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 15 of 28
D221235227 Page 19 of 31
As the purchaser of the real property described above,you are obligated to pay assessments
to the City of North Richland Hills, Texas, for the costs of a portion of a public improvement or
services project(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.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS,WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of North Richland
Hills.The exact amount of each annual installment will be approved each year by the City Council
in the annual service plan update for the district. More information about the assessments,
including the amounts and due dates,may be obtained from the City of North Richland Hills.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date: Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS §
§
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by and
, known to me to be the person(s) whose name(s) is/are 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 , 20_.
Notary Public, State of Texas
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 16 of 28
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D221235227 Page 21 of 31
AFTER RECORDING RETURN TO:
City Secretary K
P.O.Box 820609
North Richland Hills, TX 76182-0609
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT.
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code,
or Chapter 382, Local Government Code, shall first give to the purchaser of the property this
written notice.
For the purposes of this disclosure, a contract for the purchase and sale of real property having
a performance period of less than six months is considered a sale requiring notice.
This disclosure does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed
of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at
a sale conducted under a power of sale under a deed of trust or a sale under a court-
ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
5) by a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the real
property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
This notice shall be executed by the seller and must be filed in the real property records of the
County in which the property is located.
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
THE CITY OF NORTH RICHLAND HILLS, TEXAS
CONCERNING THE FOLLOWING PROPERTY
STREET ADDRESS
PRINCIPAL LOT TYPE SF2 ASSESSMENT: $18,439.91
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 18 of 28
D221235227 Page 22 of 31
As the purchaser of the real property described above,you are obligated to pay assessments
to the City of North Richland Hills, Texas, for the costs of a portion of a public improvement or
services project(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.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS,WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of North Richland
Hills. The exact amount of each annual installment will be approved each year by the City Council
in the annual service plan update for the district. More information about the assessments,
including the amounts and due dates, may be obtained from the City of North Richland Hills.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date: Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by and
, known to me to be the person(s) whose name(s) is/are 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 , 20_.
Notary Public, State of Texas
f ..
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 19 of 28
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D221235227 Page 24 of 31
AFTER RECORDING RETURN TO: {;
City Secretary 1 KS
P.O.Box 820609
North Richland Hills, TX 76182-0609
NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT.
A person who proposes to sell or otherwise convey real property that is located in a public
improvement district established under Subchapter A, Chapter 372, Local Government Code,
or Chapter 382, Local Government Code, shall first give to the purchaser of the property this
written notice.
For the purposes of this disclosure, a contract for the purchase and sale of real property having
a performance period of less than six months is considered a sale requiring notice.
This disclosure does not apply to a transfer:
1) under a court order or foreclosure sale;
2) by a trustee in bankruptcy;
3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed
of trust by a trustor or successor in interest;
4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at
a sale conducted under a power of sale under a deed of trust or a sale under a court-
ordered foreclosure or has acquired the land by a deed in lieu of foreclosure;
5) by a fiduciary in the course of the administration of a decedent's estate,
guardianship, conservatorship, or trust;
6) from one co-owner to another co-owner of an undivided interest in the real
property;
7) to a spouse or a person in the lineal line of consanguinity of the seller;
8) to or from a governmental entity; or
9) of only a mineral interest, leasehold interest, or security interest
This notice shall be executed by the seller and must be filed in the real property records of the
County in which the property is located.
NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO
THE CITY OF NORTH RICHLAND HILLS, TEXAS
CONCERNING THE FOLLOWING PROPERTY
STREET ADDRESS
PRINCIPAL LOT TYPE SF3 ASSESSMENT: $19,649.08
FT
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 21 of 28
D221235227 Page 25 of 31
As the purchaser of the real property described above,you are obligated to pay assessments
to the City of North Richland Hills, Texas, for the costs of a portion of a public improvement or
services project(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.
AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE
AUTHORIZED IMPROVEMENTS,WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE
ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL
INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE
AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND
DELINQUENCY COSTS.
The exact amount of the assessment may be obtained from the City of North Richland
Hills. The exact amount of each annual installment will be approved each year by the City Council
in the annual service plan update for the district. More information about the assessments,
including the amounts and due dates,may be obtained from the City of North Richland Hills.
Your failure to pay any assessment or any annual installment may result in penalties and
interest being added to what you owe or in a lien on and the foreclosure of your property.
The undersigned purchaser acknowledges receipt of this notice before the effective date of
a binding contract for the purchase of the real property at the address described above.
Date: Date:
Signature of Purchaser Signature of Purchaser
STATE OF TEXAS §
COUNTY OF TARRANT §
The foregoing instrument was acknowledged before me by and
known to me to be the person(s) whose name(s) is/are 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 , 20_.
Notary Public, State of Texas
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 22 of 28
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D221235227 Page 27 of 31
EXHIBIT C-1— DEBT SERVICE SCHEDULE— IMPROVEMENT ZONE A
DEBT SERVICE REQUIREMENTS
The follo-Aring table sets forth the anticipated debt semice requirements for the BDnds-.
Year Ending
(September 11 Principal Interest Total
2020 $99,079.65 51)9,079,65
2021 $70,000.00 142,106.26 212,106.26
2022 80,000.00 138,693.76 218,693,76
2023 80,000.00 134,793,76 214,793,76
2024 85,000400 130,893,76 215,893,76
2025 85,000.00 126,750.00 211,750,00
2026 95,000.00 122,606.26 217,606,26
2027 100,000.00 117,618,76 217,618,76
2028 105,000.00 112,36836 217368,76
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 219J81-26
2032 130,000.00 87,750.02 217,750,02
2033 140,000.00 80,437.52 220,437,52
2034 150,000.00 72,562.52 222562.52
2035 160,000.00 64,125.00 224,125.00
2036 170,000.00 55,125.00 225,125,00
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 11656.26 237A5626
Total 54.520A92.0
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 24 of 28
D221235227 Page 28 of 31
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 11 Principal Interest Total
2020 S325,790,17 $325,790,17
2021 S135,000,00 467,268.76 6027-269.76
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,ODO.00 433,293.76 603-793.76
2027 175,000.00 425,006.26 60D,006-26
2028 190,000,00 416,475.00 606,475.00
2029 195,000.G0 407,212,52 602-212,52
2030 205,000.00 397,706.26 60-7706.26
2031 215,000.00 387,712.50 602,712.50
2032 220,000.00 376,4225,00 596,425.00
2033 235,000,00 364,875.00 59.9,875.00
2034 2745X00,00 352,537.50 597537.50
2035 260,000.00 339,675,00 599,675.00
2036 270,()00.00 326,025,00 596,025,00
2037 280,000M 311,850,00 591,850,()0
2039 295t(100.00 297,150,00 592,150.00
2039 310,000.00 281,1662,50 591,662.50
2040 325.000.00 265!1387.50 590,387.50
'7041 355,000,GG 248-325.00 603,325.00
2042 380,000,00 229243,76 609,7243.76
2043 395.000.00 208,819,76 603,818,76
2044 420,000,00 187587,52 607,587.52
2045 440,000.410 165.012.50 605,012,50
2046 470flOO,00 141362,50 611,362,50
2047 495,000,00 116,100,G0 611,1 GO,00
2048 525,000.40 89,493.76 614,493.76
2049 555,00100 61-775,G0 616,275.00
2050 585M0,00 31 A43.76 6MA43,76
Total M265.GH S9j59jJ5—U S-18,424,215,23
177129S-0077
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 25 of 28
D221235227 Page 29 of 31
EXHIBIT D— FORM OF NOTICE OF PID ASSESSMENT TERMINATION
IKK
P3Works,LLC
5 9284 Huntington Square, Suite 100
North Richland Hills, TX 76182
[Date]
Tarrant County Clerk's Office
Honorable Mary Louise Nicholson
100 W. Weatherford
Fort Worth, TX 76196
Re: City of North Richland Hills Lien Release documents for filing
Dear Ms.Nicholson
Enclosed is a lien release that the City of North Richland Hills is requesting to be filed in your
office.Lien release for[insert legal description].Recording Numbers: [Plat].Please forward copies
of the filed documents to my attention:
City of North Richland Hills
Attn:Alicia Richardson
4301 City Point Drive
Second Floor
North Richland Hills, TX 76180
Please contact me if you have any questions or need additional information.
Sincerely,
[Signature]
P3Works,LLC
(817)393-0353
Admin@P3-Works.com
www.P3-Works.com
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 26 of 28
D221235227 Page 30 of 31
AFTER RECORDING RETURN TO:
Alicia Richardson
4301 City Point Drive
Second Floor
North Richland Hills,TX 76180
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON,YOU
MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION
FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY
BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL
SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN
STATE OF TEXAS §
§ NOW ALL MEN BY THESE PRESENTS:
COUNTY OF TARRANT §
THIS FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN(this "Full
Release") is executed and delivered as of the Effective Date by the City of North Richland Hills
Texas, a Texas home rule municipality.
RECITALS
WHEREAS,the governing body(hereinafter referred to as the "City Council")of the City
of North Richland Hills,Texas(hereinafter referred to as the "City"),is authorized by Chapter 372,
Texas Local Government Code, as amended(hereinafter referred to as the "Act"),to create public
improvement districts within the corporate limits and of the Ci • and
P � City;
WHEREAS, on or about September 9, 2019, the City Council for the City, approved
Resolution No. 2019-035, creating the City Point Public Improvement District; and
WHEREAS,the City Point Public Improvement District consists of approximately 52.873
contiguous acres within the and corporate limits of the City/County; and
WHEREAS, on or about December 9, 2019, the City Council, approved Ordinance No.
3625, (hereinafter referred to as the "Assessment Ordinance")approving a service and assessment
plan and assessment roll for the Property within City Point Public Improvement District; and
WHEREAS,the Assessment Ordinance imposed an assessment(the"Lien")in the amount
of [amount] (hereinafter referred to as the "Lien Amount") for the following property: [legal
description], a subdivision in Tarrant County, Texas, according to the map or plat of record in
_, e.
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 27 of 28
D221235227 Page 31 of 31
Document/Instrument No. of the Plat Records of Tarrant County, Texas (hereinafter
referred to as the "Property"); and
WHEREAS,the property owners of the Property have paid unto the City the Lien Amount.
RELEASE
NOW THEREFORE, the City, the owner and holder of the Lien, Instrument No. , in
the Real Property Records of Tarrant County, Texas, in the amount of the Lien Amount against
the Property releases and discharges, and by these presents does hereby release and discharge,the
above-described Property from said Lien held by the undersigned securing said indebtedness.
EXECUTED to be EFFECTIVE this the day of , 20_.
CITY/COUNTY OF TARRANT,TEXAS,
A Texas home rule municipality,
By:
Mark E. Hindman, City Administrator
ATTEST:
Alicia Richardson, City Secretary
STATE OF TEXAS §
COUNTY OF TARRANT §
This instrument was acknowledged before me on the day of ,20_,
by Mark E. Hindman, City Administrator for the City of North Richland Hills, Texas, a Texas
home rule municipality, on behalf of said municipality.
Notary Public, State of Texas
CITY POINT PUBLIC IMPROVEMENT DISTRICT Exhibit"A"Ordinance No.3705
2021 ANNUAL SERVICE PLAN UPDATE Page 28 of 28
.�• % Mary Louise Nicholson
Tarrant County Clerk
w ' ' 100 W. Weatherford
Fort Worth, TX 76196
01
(817)884- 1195
• •••' wm-countyclerk@tarrantcounty.com
OFFICIAL RECEIPT
RECEIPT NUMBER DATE
5325882 08/16/2021 08:39:35 AM
Issued to: Traci Henderson
For Payment of:
Type Pages Reference# Fees
1 ORDINANCE 31 D221235227 $139.00
Total: $139.00
Amount Paid: $139.00
Change: $0.00
Method of Payment: Reference Number: Amount:
Escrow Account CITY OF NORTH RICHLAND HILLS 1 $139.00
Escrow Balance: $156.00
THANK YOU
Mary Louise Nicholson
County Clerk
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