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Home My WebLink About2310 08-22-2022D222210309 08/24/2022 07:53 AM Page: 1 of 16 Fee: $79.00 Submitter: City of Euless Electronically Recorded by Tarrant County Clerk in Official Public Records MARY LOUISE NICHOLSON COUNTY CLERK ORDINANCE NO. 2310 AN ORDINANCE APPROVING AND ADOPTING THE ANNUAL SERVICE AND ASSESSMENT PLAN FOR GLADE PARKS PUBLIC IMPROVEMENT DISTRICT NUMBER 2 IN THE CITY OF EULESS, TEXAS; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR FILING IN THE COUNTY RECORDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Euless, Texas, is a home rule city acting under its charter adopted by the electorate pursuant to Article XI, Section 5 of the Texas Constitution and Chapter 9 of the Local Government Code; and WHEREAS, pursuant to Chapter 372 of the Texas Local Government Code (the "Act"), on June 9, 2015 the City. Council of the City of Euless ("City Council") adopted Resolution No. 15-1461 creating Glade Parks Public Improvement District Number 2 ("PID #2"); and WHEREAS, pursuant to Sections 372.013 and 372.014 of the Act, the City Council is required to approve an annual service and assessment plan for PID #2; and WHEREAS, in accordance with Section 372.013(b) of the Act, the service and assessment plan must (i) cover a period of at least five years; (ii) define the annual indebtedness and the projected costs for improvements; and (iii) include a copy of the notice form required by Section 5.014, Property Code; and WHEREAS, following the adoption of the budget for Fiscal Year ("FY") 2022-2023, the City Council now seeks to approve the annual service and assessment plan for PID #2. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS, THAT: SECTION 1. The City Council hereby finds that the statements set forth in the recitals of this Ordinance are true and correct, and such recitals are incorporated as part of this Ordinance. SECTION 2. The City Council, pursuant to Chapter 372 of the Act, hereby approves the FY 2022-2023 Service and Assessment Plan for PID #2, attached hereto as Exhibit A. SECTION 3. SEVERABILITY CLAUSE. It is hereby declared to be the intention of the City Council that the phrases, clauses, sentences, paragraphs, and sections of this Ordinance D222210309 Page 2 of 16 are severable, and if any phrase, clause, sentence, paragraph, or section of this Ordinance shall be declared unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such unconstitutionality shall not affect any of the remaining phrases, clauses, sentences, paragraphs, and sections of this Ordinance, since the same would have been enacted by the City Council without the incorporation in this Ordinance of any such unconstitutional phrase, clause, sentence, paragraph or section, SECTION 4. FILING. The City Secretary is directed to cause a copy of the approved Service and Assessment Plan for PID #2, including the notice form required by Section 5.014, Property Code, to be filed with the County Clerk of Tarrant County, Texas no later than the seventh (71n) day after the adopted date of this Ordinance SECTION5. EFFECTIVE DATE. This Ordinance shall become effective from and after its date of passage. PRESENTED AND APPROVED ON FIRST AND FINAL READING at a regular meeting of the Euless City Council on the 22No day of August, 2022, by a vote of _ 7 ayes, 0 nays, and 0 abstentions, i i Suiter, RM�ty Secretary APPROVED AS TO FORM: carit,, &YA orney Ordinance No. 2310 Page, 2o116 'Cinda Martin Mayo4 I — D222210309 Page 3 of 16 WIM11411 FY 2022-2023- Service and Assessment Plan Glade Parks Public Improvement District Number Two (PID #2) City of Euless, Texas 1. Introduction On June 9, 2015, the City Council of the City of Euless, Texas passed and adopted Resolution No. 15-1461 (Appendix A) establishing the Glade Parks Public Improvement District Number Two (PID #2). 2. Nature of the Improvements The general nature of the improvements to be performed by the PID #2 is to fund the following improvements (collectively, the "Authorized Improvements"): (a) payment of expenses incurred in the establishment, administration, and operation of the District; and (b) the design and construction of public improvement projects authorized by the Act that are necessary for development of the Property, which public improvements will include constructing an off-street parking garage and the establishment and improvement of a park and park facilities within the District. These Authorized Improvements shall promote the interests of the City and confer a special benefit upon the Property. 3. Authorized Improvements Estimated Costs 1) Parking Garage $1,901,793 2) Park and Park Amenities $1,287,387 3) Bond Issuance Costs $ 79,730 Total Costs 3 268 910 4. Financing of Improvements The Authorized Improvements were funded through a loan from the City of Euless. PID #2 it is responsible for all of the costs associated with Authorized Improvements including interest and financing costs (with the exception of TIRZ contributions as described below). The loan was made when construction of the public improvements within the District was complete. The debt issuance schedule is shown below. Year Total Debt Tranche 4 2018 $3,268,910 The detailed amortization of annual indebtedness is attached as Appendix B. Ordinance No. 2310, Page 3 of 16 D222210309 Page 4 of 16 5. Assessment Plan In addition to the use of PID #2 funds it is anticipated that Tax Increment Reinvestment Zone Number Three, City of Euless, Texas — Glade Parks (the "TIRZ") will contribute to the costs of the Authorized Improvements. Once the original PID #1 obligations have been fulfilled, excess TIRZ revenue will flow into the Glade Parks PID #2. As the TIRZ fund begins to accrue revenue from the incremental increase in property values, the PID assessments will be decreased by an amount equal to the total amount of revenue received in the TIRZ fund annually. A more detailed description of the PID assessment calculation methodology and the relationship between the PID #2 and the TIRZ is described below. PID #2 Assessment Calculation A - B = C The PID #2 assessment will be calculated annually and be equal to the total debt service costs less any revenue collected and available after PID #1 Assessment calculation by the TIRZ. In the example above, (A) represents total debt service (B) represents available TIRZ funds and (C) represents total PID #2 assessment required revenue. An assessment rate (E) would be set to provide revenue equal to PID #2 assessment required revenue (C). To calculate the assessment rate divide the PID #2 assessment required revenue (C) by the estimated value of the PID #2 (D) and multiply the resulting number by 100 to find the assessment rate per $100 value. Assessment Calculation ( C / D ) * 100 = E per $100 value The annual service plan is attached as Appendix C. 6. Levy of Assessments The assessment year shall be concurrent with the City's tax year. 7. Assessment Roll The Assessment Roll for the next five years is attached as Appendix D. 8. Notice Form A copy of the notice form as required by Section 5.014, Property Code is attached as Appendix E. Ordinance No. 2310, Page 4 of 16 D222210309 Page 5 of 16 AppendixA RESOLUTION NO. 15-1461 A RESOLUTION CREATING, AUTHORIZING, AND ESTABLISHING THE GLADE PARKS PUBLIC IMPROVEMENT DISTRICT NUMBER TWO; AUTHORIZING ASSESSMENT METHOD AND COLLECTION SERVICE THEREOF; AND PROVIDING FOR PUBLICATION AND AN EFFECTIVE DATE. WHEREAS, Chapter 372 of the Texas Local Government Code (the "Act") allows for the creation of public improvement districts; and WHEREAS, on May 12, 2015, owners of real property located near the intersection of SH-121 and Cheek Sparger Road delivered to the City of Euless a Petition (the "Petition") to establish the Glade Parks Public Improvement District (PID) Number Two (the "District") that is shown on the map attached hereto and made a part hereof and labeled Exhibit A (the "PID Boundary"); and WHEREAS, the Act states that the Petition is sufficient if signed by owners of more than 50 percent of taxable real property, according to appraised value, and either of the following: more than 50 percent of the area of all taxable real property liable for assessment under the proposal, or more than 50 percent of all record owners of property liable for assessment; and WHEREAS, City staff has reviewed the Petition and determined that owners of more than 50 percent of the appraised value of the taxable real property liable for assessment, and owners of more than 50 percent of the area of all taxable real property liable for assessment within the District have executed the petition; and WHEREAS, the Act further requires that prior to the adoption of the resolution providing for the establishment of the Glade Parks Public Improvement District Number Two to provide supplemental public improvements to be funded by assessments on real property and real property improvements, the City Council must hold a public hearing on the advisability of the improvements; the nature of the improvement; the estimated cost of the improvement; the boundaries of the public improvement district; the method of assessment; and the apportionment of costs between the district and the municipality as a whole; and WHEREAS, after providing notices required by Section 372.009 of the Act, the City Council on June 9, 2015, conducted a public hearing on the advisability of the improvements, and adjourned such public hearing. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS, THAT: Ordinance No. 2310, Page 5 of 16 D222210309 Page 6 of 16 Section 1. Pursuant to the requirements of the Act, the City Council, after considering the Petition for the proposed District and the evidence and testimony presented at the public hearing on June 9, 2015, hereby finds and declares: (a) Advisability of Improvements Proposed for the District. It is advisable to create the District to provide the improvements described in this Resolution. (b) Nature of the Improvements. The purpose of the District is to fund the following improvements (collectively, the "Authorized Improvements"): (a) payment of expenses incurred in the establishment, administration, and operation of the District; and (b) the design and construction of public improvement projects authorized by the Act that are necessary for development of the Property, which public improvements will include constructing an off-street parking garage and the establishment and improvement of a park and park facilities within the District. These Authorized Improvements shall promote the interests of the City and confer a special benefit upon the Property. (c) Estimated Cost of the Improvements. The total estimated cost of improvements provided by the District is approximately three million, one hundred and eighty-nine thousand, one hundred and seventy-nine dollars ($3,189,179). The estimated costs do not include any interest costs associated with debt service. The District shall incur no bonded indebtedness, but will be responsible for indebtedness, including principal, interest and other financing costs, incurred by the City of Euless to finance improvements that are listed as Authorized Improvements attached hereto and made a part here of and labeled Exhibit B (the "Authorized Improvements"). (d) Boundaries. The District is located wholly within the City of Euless, Texas. The boundaries of the District are shown on the map of the District (Exhibit A). (e) Method of Assessment. The method of assessment is based on a variable assessment rate on the value of property in the Public Improvement District (PID) equal to the annual debt service costs incurred by the City of Euless to fund Authorized Improvements within the PID less any available incremental tax revenue generated from City of Euless Tax Increment Reinvestment Zone Number Three. The Service Plan will reflect the District's intention to reduce the annual assessment rate proportional to the annual incremental revenue received from City of Euless Tax Increment Reinvestment Zone Number Three. Resolution No. 15-1461, Page 2 of 8 Ordinance No. 2310, Page 6 of 16 D222210309 Page 7 of 16 (f) Apportionment of Cost Between District and Municipality. All of the costs of the Authorized Improvements will be paid from the assessments or available incremental tax revenue generated from the City of Euless Tax Increment Reinvestment Zone Number Three and from other sources of funds, if any, available to the Owner. The City will at no time be responsible to fund the costs of the Authorized Improvements with any revenue other than paid from the assessments or that which is available in the City of Euless Tax Increment Reinvestment Zone Number Three. The City of Euless is not responsible for payment of assessments against exempt City property in the District, which is specially benefited. Property owned by tax-exempt religious organizations will be exempt from assessment, as will property owned by persons receiving and qualifying for 65-or-older homestead exemption under Section 11.13 (c) or (d) of the Texas Property Tax Code. Payment of assessment by other exempt jurisdictions must be established by contract. No such contracts are in place, nor are any proposed. City rights -of -way and city parks are not subject to assessment. Properties otherwise exempt from ad valorem taxes are not subject to assessment. (g) Assessment Roll and Setting of Rate. The City Manager shall annually prepare an assessment roll and file that roll with the City Secretary, in conformity with the exemptions from assessment established under subparagraph (f) above. The annual assessment installment for each year shall equal the City of Euless annual debt service for Authorized Improvements constructed under subparagraph (b) above less any available incremental tax revenue generated from City of Euless Tax Increment Reinvestment Zone Number Three. (h) The findings set forth in the preamble of this Resolution are hereby found to be true and correct. Section 2. The Glade Parks Public Improvement District Number Two is hereby authorized and established as a Public Improvement District under the Act in accordance with the findings as to the advisability of the improvements contained in this Resolution. The District shall be subject to all of the terms, conditions, limitations and reservations contained in the findings of Section 1 of this Resolution. Section 3. The City Secretary is directed to give notice of the authorization for the establishment of the District by publishing the caption of this Resolution once in the newspaper of general circulation in the City of Euless. Such authorization shall take effect and the District shall be deemed to be established effective upon the publication Resolution No. 15-1461, Page 3 of 8 Ordinance No. 2310, Page 7 of 16 D222210309 Page 8 of 16 of such notice. The District shall automatically dissolve on December 31, 2035 unless the District is renewed through the petition and approval process as provided by the Act or the District is sooner terminated as provided by law. The power of the City to continue to levy and collect assessments within the District will cease and the District will be dissolved upon the date that all indebtedness incurred by the City of Euless to finance the Authorized Improvements has been liquidated and a petition requesting dissolution is filed with the City Secretary of the City of Euless and the petition contains the signatures of at least enough property owners in the District to make the petition sufficient for creation of a public improvement district as provided in Section 372.005(b) of the Act. Section 4. The Municipality will provide assessment collection services for collection of the special assessments. Section 5. The Resolution shall take effect immediately from and after its passage in accordance with the Charter of the City of Euless and upon publication, and it is accordingly so resolved. APPROVED AND ADOPTED at a regular meeting of the Euless City Council on June 9, 2015, by a vote of 7 ayes, 0 nays, and 0 abstentions. APPROVED: �Man, Mayor ATTEST: Sutter, TIRMC, City Secretary Resolution No. 15-1461, Page 4 of 8 Ordinance No. 2310, Page 8 of 16 D222210309 Page 9 of 16 Exhibit A Beginning at the point of intersection of the eastern right of way (ROW) line of Harrington Gardens Parkway and the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence South along the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the southern property line of GLADE PARKS Block H Lot 1 & BLK G LOT 1, thence West along the southern property line of GLADE PARKS Block H Lot 1 & BLK G LOT 1 to a point where said line intersects with the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence South along the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the projection of the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT, thence West along the projection of the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT to a point where said line intersects with the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT, thence South along the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT to a point where said line intersects with the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT, thence East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT to a point where the projection of said line intersects with the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A to a point where the projection of said line intersects with the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT, thence East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT to a point where the projection of said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT, thence Resolution No. 15-1461, Page 5 of 8 Ordinance No. 2310, Page 9 of 16 D222210309 Page 10 of 16 North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT to a point where the projection of said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where said line intersects with the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where said line intersects with the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where the projection of said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, which is the point of beginning. Resolution No. 15-1461, Page 6 of 8 Ordinance No. 2310, Page 10 of 16 D222210309 Page 11 of 16 We1111 D-1-111-71 MATINS, IDIIM 11 SURVEY A6.1nc14R5 ir.cl 2A0'1 SL DAMIED IPAE1 Resolution No. 15-1461, Page 7 of 8 Exhibit A 1 I nI Rr,inn�a,� a I:rn PD,V Itr. t, Igmnpo� ti.r,on Vv1wry ;�IU "1, n SUNViv or IMVu<I fR51ma 1A Rn,IhD,r., rR, IrAVIHi, lUi1I1 II tl 4VLY 'A, AL1lr— Iran IY,11 SI oAPAiEO IPArI - N'e.lern Dla GrnY Ine el RAVINS. IOIIII R SDRV[Y ' Ahrl,.rr AAS Irn II )Mt tLCAPAIEU IPAcI Ordinance No. 2310, Page 11 of 16 D222210309 Page 12 of 16 Exhibit B Authorized Improvements Estimated Costs Parking Garage 1,901,793.00 Park and Park Amenities 1,287,386.75 TOTAL COSTS 3,189,179.75 Resolution No. 15-1461, Page 8 of 8 Ordinance No. 2310, Page 12 of 16 D222210309 Page 13 of 16 oel PlI Flsry iota2 h I"Lo yf5]y<9x —12 St23nn StS �aWi fam SO SlmWama Hs»66R to N 6R 6R Ssto22 EStto E2 So4J mH W0.0 to w to w 1w St N,roJ Hs<n E1cn6a12 N Sd2�II Sa;aa t2WWGa N 5]33II NAW� to I to eW6 53262E SJ29II 523fo2+a vlvor] s>s_000 sJzan san axz /SOZi W W f30�&d 5l." f2OJ.3;2 to to 51 So to Il. aeta I leoro S1 J6w off N 15853E 59 6i3 N 5 W W fo N a 50 0 to to to a So to a to Wa to to 10 oC0 a 11 oelx H nlelo Na15, Ordinance No, 2310, Page 13 of 16 S e.21s w�ia � la— al to to N to A f3 � N to Nm.oro a� S<15 tYA W a to o a o7.. 3 to Wto to to5)5 4?;3 W E211— JE YA]E Ill 225 In s11to to $ ,2» fleun SI to W a N to to to to %1111 Nw 1-115 171 N� S6d J2i Sb1 14— E31a a W to I,.- $1Io , 5 Et to 31125 N to so I so N ?re d2 60 H24- W HI'- . 0 in W S414 1. Sa23,5oa o to to to PPPENeo,B Glade Parks PID Service Plan )Annual IndebSedness) R1Mval P o tazl Ptl PrIMN �i W N N W to o N E519IIi bo Ya u s W 117.117 to to c to al iIso 10aoa w 5556II 52 Wed W �6 N o so to ii N 1655] So ooA S9t 2m So fa 468.00a N —2 W N me0 N W 53 fo 5»d Hd 40 115ttA Sf.4oliV Ssnlzi S]1Z ba _ 55 So S2iJ250 Ito W 53oi12i W �e T w 21a to f1 So¢a f14ni6 55;1P 555113E 13 5.6 _ _ fo - - He+m3 aszm to f'll1 W S12111 ?B 3 N St Wa03I 11l to ooa N a SW.e]J "I;" 113E tdx S�So� SY.J26 53a.3 Sa20 e'O W E1to H5a32 W St W N f21 3i5 W 'I%.9 W 5;¢5.:19 51 N,000 1 adi N;625 5)26Y. —mt Sa;n2 Sfa;zvlx $ 1to maUe - E1mao0 rz �N NIa 322 f1 to - lMooa S.ti3.WI S1A tie S f0� 5�555d 11 fzu Bl6 f:R N1YaII Siie.61 SIR,¢ro $214 6)6 - S ;Go-c S3;0E 11 �W 0 o SI5,2da E2 $1 $29 e31 11 fi,:Ed N;[rn RW I 0 SRN N E131.i?a - Ila to So 0 toSo SSN,. 5246lid Sio3. R5 Ssro,00a W Stow f6Na N Sfll�nit W N ti W3 f10Ooa - $195.ma - - 02d W N SIJBI3 to I'll 1312WfIId - S2n33R Staxm 3ool 52;z23 423;6Rdl%l 5255a-- S2.to 5 SI,Mt N f222201 $2t5 m3 f13W51d ;ov 2 4o fa mo 52to .ma $2 f662o $S'2�2 to to 52<ito m3 y {1.x10.xY fls 1v a33 S Hx55.s1x HAR616 D222210309 Page 14 of 16 APPENDIX C Glade Parks PID Service Plan PID N1 Glade ParNz I.lunlcipal Revenue Cashnaw rlrss, aecanu> n�nu veu� iaauu,,:c 2023 2024 2026 2028 2021 October 116"2023 Jul 8116R023 October 2/1NE024 Jul 8116(2026 October 2/16/202b Jul 8116Z026 Oclaber 2/162026 Jul 9/162026 October R116RD21 Jul 8116e2021 TIRZ Revenue- Avatab'a 13.3]S, i5 $ - 52,1349]6 $ - $4372.4. 3 - $2341,8a8 $ - 35,5&5234 $ - $2,518,519 $ - $ 6,911.526 $ - $ 2.644.d44 $ - $8.491005 $ - $ 2.]10555 5 PID Reverxxa S - E - $ - $ - 4 - E - $ - $ - 3 - S - S - S - $ - $ - E - S - 5 - $ - $ - $ .bl Se ice RevenueA 13b! TIRZ Re venue -Transfer to De bt $ - 5 - $ 892.e $ - $ - $ $ 863.144 $ - $ - $ - $ 886,244 $ - 3 - $ - $ 909519 $ - $ - 5 - $ 891944 $ Debt Fund Revenvas Total Revenue) $ - 3 - $ 892,Bfi9 $ - 3 - 5 - 4 .3.744 $ - $ - $ - $ 986244 $ - E - 4 - $ BB9519 $ - $ - 3 - $ .91,944 $ Debt Fund Pa - Total& re s $ 3 '1.141, $ $ 465,853 $1.—.622 S T60,000 S T60.000 $ 416353 $1.—.897 $ 760.000 $ 760,OOD $ 477,278 $1,360,322 $ T60,000 $ 160,000 $ 483,103 $ 1,369.422 $ 750,000 $ T60,ODO $ 489,J53 $ 1,318,09T $ T60,000 Debt Service Cashllow O r Income $ 160,000 TIRZ aalaarlce Available 34,61 ],9BTI $S.B11503 $T,211,50a I 3 8,126,451 I3f0,299,616 PID. Glade Parks Munlclpal Revenue Cashnaw rounn veur issuance 2023 2024 2021 2121 20R] October 2/16R023 Jul 81IM023 Octabu 2/16f2024 July October 2/1_26 Jul 8116R026 October 2/1N2026 Ju WIM026 October VIW027 Jul 81IM021 PID Revenu3 E 5 E - $ - 3 - S - E - 4 - 5 3 - S - S - 4 - 5 - 8 - S - $ - $ - $ - $ - TIRZRemainegRevenu3 5 - $ - 5461 ],9B] S - $ - S - $5,931,503 S - S - $ - ST.21].5.- S - 5 - S - E 8,12fi,451 S - E - $ - $10,299,61fi 5 Oebt Service PccouN oral Revenue E - S - 34,617.987 b - 4 - $ - 55,0]I,503 $ - $ - $ - $T,211,509 $ - 3 - $ - $ 6,126,451 $ - 5 - 3 - $10,299.618 S - 11 De bt Service Pa me Ns olal Er s '1227 _ 11 rell$ De Service Cashllow(Opetatin9lncome) 5 (200,082) $$4,411,906 $4.372,43e $ (203,912) 56,62T,6I1 56,685,234 S (206,9781 17.010,630 S6,9T1,626 S(209,8fi0) S 8,615,691 $ B481,005 SI214,6761 S1D,D84,940 $10,052.935 Ordinance No. 2310, Page 14 of 16 D22221O3O9 Page 15 of 16 APPENDIX D Glade Parks PID Assessment Roll PID #1 1 2 3 4 5 Tau Year 2022 2023 2024 2025 2026 Flscal Year 2023 2024 2025 2026 2027 Projected Taxable Value $304,283,572 $334,711,929 $359,815,324 $377,806,090 $387,251,242 Accumulated Balance $3,375,880 $4,372,438 $5,585,234 $6,971,526 $8.481,005 Projected TIRZ Revenue $2, 134,976 $2,342,808 $2,518,518 $2,644,444 $2,710,555 PID #1 Assessment First, Second & Third Debt Issuance $0 $0 $0 $0 $0 PID Assessment 0.000000 0.000000 0.000000 0.000000 0.000000 PID #2 Assessment Projected Taxable Value $87,150,119 $95,865,131 $103,055,016 $108,207,766 $110,912,961 Remaining TIRZ Revenue $4,617,987 $5,831,503 $7,217,508 $8,726,451 $10,299,616 Fourth Debt Issuance $0 $0 $0 $0 $0 PID Assessment 0.000000 0.000000 0.000000 0.000000 0.000000 Ordinance No. 2310, Page 15 of 16 D222210309 Page 16 of 16 Appendix E NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO THE CITY OF EULESS, TEXAS CONCERNING THE FOLLOWING PROPERTY (insert property address) As the purchaser of the real property described above, you are obligated to pay assessments to the City of Euless, Texas, for the costs of a portion of a public improvement undertaken for the benefit of the property within the Glade Parks Public Improvement District Number 2 (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 Euless Finance Department. The exact amount of each annual installment will be approved each year by the Euless 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 Euless Finance Department. 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. Signature of Purchaser Date H:\FIN\GroupUsers\Glade Parks\PID #2\Assessment 2023\Notice Appendix E.docx Ordinance No. 2310, Page 16 of 16