CIMARRON HILLS PUBLIC IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN 2012 UPDATE

Transcription

1 CIMARRON HILLS PUBLIC IMPROVEMENT DISTRICT SERVICE AND ASSESSMENT PLAN 2012 UPDATE Introduction Sections of Chapter 372 of the Local Government Code known as the Public Improvement District Assessment Act (the Act ), require that an ongoing service plan for a public improvement district cover a period of least five (5) years and define the annual indebtedness and projected costs of improvements. The service plan must be reviewed and updated annually for the purpose of determining the annual budget for improvements. An assessment plan must be included in the annual service plan. The following represents the updated Service and Assessment Plan ( SAP ) related to the ( District ) as required by the Act. The boundaries of the District are described by metes and bounds on Exhibit, attached hereto. Background By action taken by the City Council, on August 8, 2000, the City of Georgetown ( City ) passed Resolution No S which authorized the establishment of the District. By action taken on April 24, 2001, the City Council passed Ordinance No , which approved the original SAP and levied assessments on the property located in the District for certain public improvements. The developer within the District has changed since the commencement of development in The current developer is Cimarron Hills Development, LLC, an Arizona limited liability company authorized to do business in Texas whose principal place of business is, Arizona and whose principal business address is ( Developer ). The District was originally established to finance the construction and/or acquisition of no more than $17,500,000 in public improvements plus related administrative and financing costs associated with the construction of the public improvements necessary to provide water, wastewater, drainage, and streets (the Improvements ) to a total of 606 residential units, a acre golf course, and a club facility ( the Original Project ) in the Cimarron Hills Subdivision ( Subdivision ) through the issuance by the City of District Special Assessment Revenue Bonds ( Bonds ) secured by assessment liens placed upon the acres of land within the boundaries of the District that were anticipated to benefit from the public improvements, and the collection of annual assessment payments from the owners of land within the District. Assessment payments were allocated to four classes of lot types were created with two primary goals in mind: (i) to ensure minimal administrative burden on the City, and (ii) to offer a marketing advantage relative to the successful build out of the District owing to the relative discount owners of land within the District would receive on lots without completed homes. In addition, it was determined that the assessment would result in imposing equal shares of the cost on property similarly benefitted. (See City Council Resolution No S and Ordinance No ). Annual assessment payments related to each class of lot within the District were established as follows: Class A - $3,400.00/lot/year (Platted Lots with Certificate of Occupancy) Class B - $ /lot/year (Platted Lots without Certificate of Occupancy) Class C - $ 99.73/acre/year (Unplatted Acreage) Class D - $ 49.58/acre/year (Golf Course and Club Facilities) 1

2 Since the time of the initial creation of the District and the City s approval of the original SAP, there have been several changes: First, the District has not issued any Bonds and the City has confirmed, based on market conditions and other factors, that no Bonds will be issued by the City for the District to reimburse the Developer for construction of the Improvements. However, as of May 23, 2012, the City has levied $3,618, in annual assessments in accordance with the Act under City Ordinance No (April 24, 2001), of which $3,606, has been paid and $12, in assessment payments and related charges remain delinquent. Second, although City Ordinance No authorized the assessment of bond financing costs and service costs related to the billing, collection, fund management, auditing, reimbursement, and other administrative costs associated with the assessments, those additional assessments for financing costs and administrative/service costs have never been charged to the landowners in the District. Instead those charges have been deducted by the City from any assessments remitted to the Developer as reimbursement for Developer s (or Developer s predecessor in interest s) construction of the Improvements (defined below). Third, the buildout of the Subdivision did not occur as rapidly as originally anticipated and currently only the land in Benefit Area I (defined below and shown on Exhibit B-1) has been platted. The land in Benefit Area II (defined below and shown on Exhibit B-2) has not been platted and remains unimproved. Fourth, the Improvements for the developed portion of the District (Benefit Area I) are complete and final costs can be determined for the completed Improvements. Fifth, the Developer has proposed several changes to the Original Project, including the following (which are set forth in more detail in the Amended and Restated Development Agreement and the Consent Agreement dated to be effective contemporaneously with this updated SAP): (i) the addition of 155 acres of land to the Subdivision; (ii) the addition of 292 residential lots to the Subdivision; and (ii) the creation of a new municipal utility district over the 155 acres of newly added land plus the land in Benefit Area II (defined below). The new City-approved Master Plan for the Subdivision showing the Developer s new plan for the Subdivision is attached hereto as Exhibit E. Sixth, certain additional public improvements remain to be constructed to complete the development Benefit Area II. However, only $3,291,952 of the costs for Improvement benefitting Benefit Area II will be financed by the levying of assessments with the District under the Act. The remaining cost of $3,251,085 for the improvements necessary to serve Benefit Area II and the additional 155 acres to be added to the Subdivision will be financed through the creation of a new municipal utility district (and not through the District). In light of all of the foregoing circumstances, the Developer and the City have agreed that the SAP for the District can now be updated to provide final costs for Improvements in the District that are subject to assessment, and a mechanism for property owners to determine their outstanding assessment for purposes of prepaying the assessment should property owners so desire. The City and the Developer have further reached an agreement on the terms of an Amended and Restated Development Agreement (pertaining to the development by Developer of the expanded Subdivision) and a Consent Agreement (pertaining to the creation of a municipal utility district over the land included in Benefit Area II plus 155 of additional land to be included in the Subdivision), which are intended to be made effective contemporaneously with this updated SAP. Therefore, in compliance with requirements outlined in various sections of the Act, the SAP for the District is hereby updated as follows: 2

3 Section 1: Improvements and Services to be Provided to the District The final cost of the Improvements constructed in the District that are to be financed by assessments under the Act is $14,248,915 (the "Improvement Costs"), as summarized in Exhibit A. The Improvements have been accepted by the entity having jurisdiction over those public improvements (i.e., the City, Williamson County ( County ) and/or the Chisholm Trail Special Utility District ( CTSUD )) for on-going operations and maintenance purposes. It has been determined by qualified engineering professionals licensed to practice in the State of Texas that $10,956,963 in Improvement Costs specifically benefit the area contained the currently-developed portion of the District containing 319 finished lots as well as acres of the golf course and club house facilities ( Benefit Area I as illustrated in Exhibit B-1). It has also been determined by qualified engineering professionals licensed to practice in the State of Texas that $3,291,952 in Improvement Costs benefit the District as a whole and specifically benefit the undeveloped residential area of the District along with acres of the golf course ( Benefit Area II ) as illustrated in Exhibit B-2. The Benefit Area II Improvement Costs relate to the construction of the wastewater treatment plant and effluent pond sufficient to provide wastewater treatment capacity for 287 single family dwelling units contained within Benefit Area II. After analyzing the types of improvements authorized by the Act, the City determined that the construction of the Improvements set forth in Exhibit A are allowed by the Act and are of special benefit to the classes of property described herein as Benefit Area I and II and are fully contained within the District boundary ( District Boundary ), a legal description of which has been attached hereto as Exhibit C. The City has also determined that the Improvements have been accepted for maintenance as public improvements by the entity having jurisdiction of the respective Improvement (i.e., the City, the County or CTSUD). The City, County and/or CTSUD will operate and maintain the Improvements at their expense. Section 2: Assessment Plan As of the date of this updated SAP, the public improvements to be financed through the District are complete. After analyzing the assessment methods allowed by the Act, the City has determined that allocating costs between the four property classes (Class A Platted Lots with Certificates of Occupancy, Class B Platted Lots without Certificates of Occupancy, Class C Unplatted Acreage and Class D Golf Course and Club Facilities) based on the benefits of the Improvements received by each property class within Benefit Areas I and II is a fair and equitable means of allocating the costs of the Improvements. The process for determining the total assessment lien related to each property type is outlined below: Step 1 Determine Improvement Costs to be Financed by District Assessments For purposes of this Plan and as determined by licensed and qualified engineering professionals, the Improvement Costs which are of specific benefit to the residential lot classes (Class A, Class B and Class C) located within Benefit Area I are $10,820,365. Costs of $136,598 are of specific benefit to the acres of Class D (golf course and club house facilities) property contained within Benefit Area I. The Improvement Costs which are of specific benefit to the residential lot classes (Class A, Class B and Class C) located within Benefit Area II as determined by licensed and qualified engineering professionals are $3,170,566. Costs of $121,386 are of specific benefit to the acres of golf course 3

4 acreage included within Benefit Area II. The Benefit Area II costs relate to wastewater treatment plant, effluent pond capacity, water, drainage, roadway and bridge improvements. 1 Benefit Area I Improvement Costs - $10,973,181 Benefit Area II Improvement Costs - $ 3,231,320 Total Improvement Costs $14,248,914 Step 2 Allocate Total Improvement Costs to Individual Properties within the District Benefit Area I Allocating $11,010,210 in residential lot categories (Class A, B and C) to 319 lots provides a total per lot assessment amount of $34, ($11,010,210/319 lots). The remaining costs of $138,994 are allocable to the golf course property (Class D) amounting to $ per acre ($138,994/ acres). Benefit Area II Allocating $3,226,194 to the residential lot categories (Class A, B and C) to 287 lots provides a total per lot assessment amount of $11, ($3,226,194/287 lots). The remaining costs of $123,516 are allocable to the golf course property (Class D) amounting to $ per acre ($123,516/ acres). Step 3 Offset Total Assessment Amount Due by Assessments Previously Paid As property owners have paid annual assessment payments in amounts which reflect the classification of their property type (Class A, B, C and D) since 2002 totaling $3,606,801.88, the amount paid by each property owner as represented by the William Central Appraisal District s assessor parcel number needs to be deducted from the per lot assessment amount determined in Step 2 above to reflect payments made to date and to determine the current outstanding balance related to each individual property. Accordingly, assessment payment histories were prepared by the William Central Appraisal District s office and the amounts paid to date by assessor parcel number were deducted from the per lot / per acre assessment in Step 2 above to arrive at the outstanding assessment amount as of, Current outstanding assessment amounts by parcel number are reflected in the Assessment Roll included hereto as Exhibit D. Step 4 Determination of Payoff Date As individual lot categories have different annual assessment payment amounts, the time over which each individual property owner will have to pay-off their outstanding assessment amount will vary with the property classification. For example, if the outstanding assessment balance for a Class A property owner is $13,500, then the time required to pay off the outstanding assessment is approximately 3.97 ($13,500/$3,400) years. If the property is currently a Class B property, the estimated pay-off time is approximately ($13,500/$680) years. As property will change classifications as it moves through the development cycle (i.e. unplatted acreage to platted lot to finished home with Certificate of Occupancy), the assessment payment amounts will be revised on an annual basis as further discussed in 1 The original SAP allows total improvement costs of $17,500,000 to be funded through the PID. However, since the public improvements to be assessed by the District are complete, no additional improvements will be funded through the PID related to Benefit Area I or Benefit Area II. Certain public improvements remain to be constructed for Benefit Area II. Benefit Area II will be included within the boundaries of a municipal utility district; therefore, additional taxes and/or fees are anticipated to be assessed against land within Benefit Area II by the municipal utility district for construction of the public improvements necessary to complete development of Benefit Area II. The municipal utility district may impose taxes and/or fees to finance the public improvements in Benefit Area II, but those taxes and/or fees are separate from the assessments imposed pursuant to the Act. 4

5 Section 3. As such, the estimated payoff date will be revised as individual property types change their property classification. Annual assessment payments related to each class of property will remain as originally established as follows: Class A - $3,400.00/lot/year (Platted Lot with Certificate of Occupancy) Class B - $ /lot/year (Platted Lot without Certificate of Occupancy) Class C - $ 99.73/acre/year (Unplatted Acreage) Class D - $ 49.58/acre/year (Golf Course and Club Facilities) The annual assessment payments shown above represent the payments necessary to repay the Improvement Costs, as herein defined, and do not include interest on the outstanding assessment balance. Other than fines, penalties and/or other related interest charges associated with the non-payment or late payment of assessments pursuant to Section of Texas Tax Code, interest charges will not be applied to the outstanding assessment balances. Section 3: Assessment Roll The District consists of those properties contained within Benefit Areas I and II contained within the District Boundary as described and Exhibit C. The Assessment Roll as of May 23, 2012 for properties within the District is attached hereto as Exhibit D. The Assessment Roll shows the name and address of each property owner in the District, the description of the parcel being assessed, the Benefit Area in which the parcel is located, the total amount of the assessment, and (as of ) the current classification of the property (Class A, B, C or D), the total amount of assessment paid to date, the amount of the total assessment remaining to be paid as of, and the annual amount of the assessment for the property within the District. The classification of the properties within the four assessment classes may change from time-totime depending upon the stage of development of the property. As a result, the Assessment Roll will be revised annually by the City or by Williamson Central Appraisal District, as necessary, to reflect the applicable assessment classes for the respective property as of January 1 of each year. Section 4: Collection and Disposition of Assessments In accordance with Sections and of the Act, the City, will continue to collect assessments for the Improvement Costs. The Total Improvements Costs to be assessed are as follows: A) Total Improvement Costs Benefit Area I Final Costs: $10,973,181 B) Total Improvement Costs Benefit Area II Not to exceed: $ 3,275,733 The costs paid by the Developer for the Improvements shown on Exhibit A (up to a maximum of $14,248, and less the Service Costs) shall be reimbursed to the Developer by the City solely from the collection of Improvement Cost assessment payments within the District, and from no other source. The services to be provided for the District (the Services ) currently consist of those necessary for the administration and operation of the District, including those costs of the City, third party administrators (if any), and County in annually billing and collecting assessments, managing and auditing the assessment fund, paying bank charges and fees, and making payments to the Appropriate Party (defined below) related to the construction of the Improvements, and similar administrative costs 5

6 ( Service Costs ). The Service Costs (up to an annual maximum of $15,000 for each year that Services are performed) shall be deducted from any assessments collected prior to remittance of any assessments to the Developer. The Developer s or City s (each an Appropriate Party ) portion of the assessment payments received by the City shall be remitted to the Appropriate Party or its successors and assigns on a quarterly basis on the first working business day of February, May, August and November of each year until their respective costs are paid in full. Penalty and interest charges on delinquent assessments, if any, shall be used by the City to defray the Service Costs. The Developer shall have no right to receive any penalty or interest payments on delinquent assessments. Section 5: Ownership and Maintenance of Improvements As of the date of this updated SAP, all of the Improvements for Benefit Area I have been constructed and accepted for ownership and maintenance by the entity having jurisdiction over the Improvements (i.e., by the City, the County, or Chisholm Trail Special Utility District). Maintenance costs and other fees related to the Improvements in Benefit Area I will not be assessed under the Act, but will be charged by the City, County, or CTSUD (as the case may be) under their respective laws, ordinances, rules, policies, and regulations. As improvements are constructed in Benefit Area II, it is anticipated that those Improvements will also be owned and maintained by the entity having jurisdiction over the Improvements in Benefit Area II. No fees or expenses related to the maintenance or repairs of the Improvements shall be due from or collected from property within the District other than those currently provided for under City laws and regulations for any municipally owned improvements. Section 6: Levy of Assessments As authorized by Section (14) of the Act, there is hereby levied against the property in the District by the City the assessments for the Improvement Costs as set forth on the Assessment Roll in Exhibit D attached hereto, which shall remain in effect from year-to-year until all applicable amounts are finally paid or until the City adjusts the levy after a hearing and determination of benefits in any year pursuant to Section (d) of the Act. The City has contracted with the Williamson Central Appraisal District to perform the duties of the City relating to collection of the assessments levied under the Act. The Assessment Roll will be revised annually to reflect the individual properties payments, applicable assessment class, and total remaining assessment due, in accordance with this updated SAP. Any real property conveyed to the City, County or CTSUD in connection with the Improvements shall not be assessed. Except as otherwise provided by Section of the Texas Tax Code, assessment payments are due on receipt of the assessment bill and are delinquent if not paid before February 1 of the year following the year in which imposed. The first annual assessments under this updated SAP shall be due and payable on or before January 31, 2013, and thereafter each annual assessment for shall be payable on or before each January 31, thereafter until the Improvement Costs, including accrued penalties and interest on delinquent assessments (as provided in and allowed by the Texas Tax Code), are paid in full. Section 7: Prepayment of Assessments 6

7 Pursuant to the provision of Section (f) of the Act, an assessment may be paid in whole or in part at any time by paying the unpaid amount of the assessment plus the penalties and interest on delinquent assessments accrued (if applicable) that have been imposed prior to the date of payment of the assessment. Notwithstanding the foregoing, the Developer shall pre-pay the assessments for all land in Benefit Area II on or before the date that an election is called for the creation of a municipal utility district over the land in Benefit Area II. Section 8: Interest and Penalties on Delinquent Assessments A delinquent assessment shall incur a penalty of six percent (6%) of the amount of the assessment for the first calendar month it is delinquent plus one percent (1%) for each additional month or portion of a month the assessment remains unpaid prior to July 1 of the year in which it becomes delinquent. However, an assessment delinquent on July 1 shall incur a total penalty of twelve percent of the amount of the delinquent assessment without regard to the number of months the assessment has been delinquent. A delinquent assessment continues to incur the penalty as long as the assessment remains unpaid, regardless of whether a judgment for the delinquent assessment has been rendered. Penalties shall not exceed the amounts permitted by Section and of the Tax Code. In addition, a delinquent assessment accrues interest at a rate of one percent (1%) for each month or portion of a month the assessment remains unpaid. A delinquent assessment continues to accrue interest as long as the assessment remains unpaid, regardless of whether a judgment for the delinquent assessment has been rendered. Section 9: Attorneys Fees If an assessment remains delinquent on July 1 in the year in which the assessment became delinquent, there shall be imposed an additional penalty to defray costs of collection if it is necessary for the City to use an attorney to collect the delinquent assessment. The attorney's fees shall be either an amount equal to 15 percent (15%) of the total amount of delinquent taxes, penalties, and interest that the property owner owes the City (or such other percentage as may be specified in Section 33.22(e) of the Tax Code) or the amount of attorneys fees allowed by Tax Code 33.22(d).. Penalties shall not exceed the amounts permitted by Section and of the Tax Code. Section 10: No Discounts or Split Payments There will be no split payments of an assessment and no discount related to the early payment of an assessment. Section 11: Lien for Collection of Assessments Assessments together with interest on delinquent accounts, penalties, and expenses of collection and reasonable attorney s fees, as permitted by the Tax Code shall be a first and prior lien against the property assessed, superior to all other liens and claims, except liens or claims for state, county school district, or municipal ad valorem taxes, and shall be a personal liability of and charge against the owner of the property regardless of whether the owners are named. The lien for assessments and penalties and 7

8 interest on delinquent accounts is effective from the date of the Ordinance levying the Assessments (the Assessment Ordinance ) until the assessment is paid Section 12: Collection of Delinquent Assessments If default is made in payment of any of the sums assessed against a property owner and their property, collection shall be enforced by suit in any Court having jurisdiction or by lien foreclosure or both, in the same manner that an ad valorem tax lien against real property may be enforced by a governing body, pursuant to Section et seq. of the Texas Tax Code. Section 13: Applicability of Tax Code To the extent not inconsistent with the Assessment Ordinance, and not inconsistent with Chapter 372 of the Code or the other laws governing public improvement districts, the provisions of the Texas Tax Code shall be applicable to the imposition and collection of Assessments. Section 14: No Acceleration of Installments Failure to pay an assessment when due shall not accelerate the payment of the remaining installments of the assessment and such remaining installments (together with penalties and interest on delinquent accounts thereon) shall continue to be due and payable at the same time and in the same amount and manner as if such default had not occurred. Section 15: Lien Survives Foreclosure Any sale of property for nonpayment of an assessment per annum shall be subject to the lien established for the remaining unpaid assessment against such property and such property may again be sold at a judicial foreclosure sale if the purchaser thereof fails to make timely payment of the nondelinquent assessment against such property as they become due and payable pursuant to the terms of the Assessment Ordinance. Section 16: Reassessments Pursuant to Section , Texas Local Government Code, the City Council of Georgetown, Texas may make a reassessment of a parcel of land if: (1) a court of competent jurisdiction sets aside an assessment against the parcel; (2) the City determines the original assessment was excessive; or (3) on the written advice of counsel, the City determines that the original assessment is invalid. 8

9 Exhibit A Improvement Costs and Allocation of Improvement Costs Total Improvement Costs Description (1) Total Drainage Wastewater Water Erosion Control Bridge Paving Benefit Area I Costs (2) WWTP $715,644 $0 $715,644 $0 $0 $0 $0 Effluent Pond $515,985 $0 $515,985 $0 $0 $0 $0 Section 1,2,3,4 Phase I Wastewater $227,067 $0 $227,067 $0 $0 $0 $0 Section 1, Phase 1 water, wastewater, streets, drainage $2,008,195 $402,068 $359,056 $259,000 $51,460 $0 $936,611 Section 2, Phase 1 water, wastewater, streets, drainage $909,317 $230,290 $181,038 $107,410 $19,100 $0 $371,479 Section 3, Phase 1 water, wastewater, streets, drainage $1,901,725 $464,788 $638,034 $202,173 $19,820 $0 $576,910 Section 2, Phase 2 water, wastewater, streets, drainage $1,524,685 $294, ,451 $0 $0 $201,592 $608,617 Section 2, Phase 2 water, wastewater, streets, drainage $262,839 $0 $0 $262,839 $0 $0 $0 Section 1, Phase 2 water, wastewater, streets, drainage $941,565 $188,021 $303,873 $95,670 $0 $0 $354,001 Section 2, Phase 3 water, wastewater, streets, drainage $1,817,377 $528,345 $430,592 $333,853 $21,856 $0 $502,731 Subtotal BA I Costs - Prior to Mobilization Costs $10,824,399 $2,107,537 $3,791,740 $1,260,945 $112,236 $201,592 $3,350,349 Pro-Rata Share of Mobilization Costs $148,781 $28,968 $52,117 $17,332 $1,543 $2,771 $46,050 Total Benefit Area I - Internal Specific Costs $10,973,181 $2,136,505 $3,843,858 $1,278,277 $113,779 $204,363 $3,396,399 Benefit Area II Costs (2) WWTP $643,855 $0 $643,855 $0 $0 $0 Effluent Pond $464,225 $0 $464,225 $0 $0 $0 Section 1,2,3,4 Phase I Wastewater $204,290 $0 $204,290 $0 $0 $0 Section 1, Phase 1 water, wastewater, streets, drainage $148,742 $44,674 $0 $0 $0 $0 $104,068 Section 2, Phase 1 water, wastewater, streets, drainage $318,423 $153,527 $77,588 $46,033 $0 $0 $41,275 Section 3, Phase 1 water, wastewater, streets, drainage $115,744 $51,643 $0 $0 $0 $0 $64,101 Section 2, Phase 2 water, wastewater, streets, drainage $1,048,609 $196,017 $180,193 $0 $0 $604,775 $67,624 Section 2, Phase 2 water, wastewater, streets, drainage $112,644 $0 $0 $112,644 $0 $0 $0 Section 1, Phase 2 water, wastewater, streets, drainage $60,224 $20,891 $0 $0 $0 $0 $39,333 Section 2, Phase 3 water, wastewater, streets, drainage $114,564 $58,705 $0 $0 $0 $0 $55,859 Subtotal BA II Costs Prior to Mobilization Costs $3,231,320 $525,457 $1,570,151 $158,677 $0 $604,775 $372,260 Pro-Rata Share of Mobilization Costs $44,413 $7,222 $21,581 $2,181 $0 $8,312 $5,117 Total Costs - Benefit Area II $3,275,733 $532,679 $1,591,732 $160,858 $0 $613,087 $377,377 Total Public Improvement Costs $14,248,914 $2,669,184 $5,435,590 $1,439,135 $113,779 $817,450 $3,773,776 Improvement Cost Allocation By Benefit Area Total Improvement Costs Description (1) Total Drainage Wastewater Water Erosion Control Bridge Paving Benefit Area I Cost Allocation Residential Lots $10,820,365 $2,136,505 $3,691,041 $1,278,277 $113,779 $204,363 $3,396,399 Golf Course Acreage $136,598 $136,598 Total Benefit Area I Cost Allocation $10,956,963 $2,136,505 $3,827,639 $1,278,277 $113,779 $204,363 $3,396,399 Benefit Area II Cost Allocation Residential Lots $3,170,566 $532,679 $1,486,565 $160,858 $0 $613,087 $377,377 Golf Course Acreage $121,386 $121,386 Total Benefit Area II Cost Allocation $3,291,952 $532,679 $1,607,951 $160,858 $0 $613,087 $377,377 Total Public Improvement Costs $14,248,915 $2,669,184 $5,435,590 $1,439,135 $113,779 $817,450 $3,773,776 Improvement Cost Allocation By Cost Category and Benefit Area/Final Assessments Reconciliation of Costs to Benefit Areas Residential Improvement Costs Golf Course Improvement Costs SAP Update Costs (4) Total Costs To Be Assessed Number Lots / Acres Assessment Per Lot / Acre Benefit Area I - Residential $10,820,365 $0 $189,845 $11,010, $34, Benefit Area I - Golf Course (3) $0 $136,598 $2,397 $138, $ Subtotal - Benefit Area I $10,820,365 $136,598 $192,242 $11,149,205 Benefit Area II - Residential $3,170,566 $0 $55,628 $3,226, $11, Benefit Area II - Golf Course (3) $0 $121,386 $2,130 $123, $ Subtotal - Benefit Area II $3,170,566 $121,386 $57,758 $3,349,710 Total Costs $13,990,931 $257,984 $250,000 $14,498,915 Footnotes (1) Source: City of Georgetown Public Works Department (2) Cost allocation prepared by Texas Engineering Solutions. (3) Regional WWTP costs allocated to golf course based upon LUEs and acreage within Benefit Area. (4) Estimated Modification Costs.

10 CITY REV.#2 Exhibit B-1 Benefit Area I Illustrated

11 Exhibit B-2 Benefit Area II Illustrated CITY REV.#2

12 Exhibit C District Boundary Legal Description CITY REV.#2

13 Exhibit D Assessment Roll CITY REV.#2