HomeMy WebLinkAbout2351 08-08-2023ORDINANCE
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII SUBMITTER: CITY OF EULESS
D223142241 MARY LOUISE NICHOLSON
COUNTY CLERK
08/09/2023 12:05 PM Page: 1 of 15 Fees: $75.00
ORDINANCE NO. 2351
AN ORDINANCE APPROVING AND ADOPTING THE ANNUAL
SERVICE AND ASSESSMENT PLAN FOR GLADE PARKS PUBLIC
IMPROVEMENT DISTRICT 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 December 14, 2010, the City Council of the City of Euless ("City Council")
adopted Resolution No. 10-1350, creating Glade Parks Public Improvement District ("PID
#1 "); 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 #1; 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") 2023-2024,
the City Council now seeks to approve the annual service and assessment plan for PID
#1.
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
2023-2024 Service and Assessment Plan for PID #1, 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
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 #1, 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 (7th) day after the adopted date of this Ordinance.
SECTION 5.
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 8th day of August 2023, by a vote of
ayes, 0 nays, and 0 abstentions.
APPROVED:
1 ncfa Martin, Mayor L --
ATTEST:
ate: �1
City Secretary
tt p MC, CMC,
d • (
ie olejgrSnce Officer
v n.
�A V
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Re!'E AS TO FORM:
Wayne Olson, City Attorney
Ordinance No. 2351, Page 2 of 15
EXHIBIT A
FY2023-2024 - Service and Assessment Plan
Glade Parks Public Improvement District (PID #1)
City of Euless, Texas
1. Introduction
On December 14, 2010, the City Council of the City of Euless, Texas passed and
adopted Resolution No. 10-1350 (Appendix A) establishing the Glade Parks Public
Improvement District (PID #1).
2. Nature of the Improvements
The general nature of the improvements to be funded by the PID #1 over the next
five (5) years and beyond is the construction of public infrastructure, pedestrian amenities
and linkages and other improvements that are authorized by Chapter 372 of the Texas
Local Government Code.
3.
Authorized Improvements
Estimated Costs
1)
Construction of Rio Grand Boulevard
$
3,911,023
2)
Construction of Rio Grande Bridge
$
1,016,065
3)
Construction of Heritage Drive
$
231,767
4)
SH — 121 improvements
$
1,297,164
5)
Landscaping
$
517,029
6)
Wetland mitigation
$
296,000
7)
Construction of Brazos and remaining streets
$
3,494,309
8)
Main Entrance and Median (Chisolm Trail)
$
587,247
9)
Administrative & Financing Costs
$
750,000
Total
Costs
$12,100.604*
* does not include interest costs associated with financing the improvements.
4. Financing of Improvements
The Authorized Improvements were funded through the issuance of certificates of
obligation by the City of Euless. While the PID #1 did not issue any debt, 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
certificates of obligation were issued in three separate phases to pay for the Authorized
Improvements on an as needed basis. The debt issuance schedule is shown below.
Fiscal Year Total Debt
Phase 1 2011 $ 3,035,000
Phase 2 2015 $ 5,715,000
Phase 3 2016 $ 3,350,000
Total Issuance $12.100.000
The detailed amortization annual indebtedness is attached as Appendix B.
Ordinance No. 2351, Page 3 of 15
5. Assessment Plan
In addition to the use of PID #1 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. As the TIRZ fund begins to accrue
revenue from the incremental increase in property values, the PID #1 assessment 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 #1 assessment calculation methodology
and the relationship between the PID #1 and the TIRZ is described below.
PID#1 Assessment Calculation A - B = C
The PID #1 assessment will be calculated annually and be equal to the preceding fiscal
year's total debt service costs less any revenue collected by the TIRZ in the preceding
fiscal year. In the example above (A) represents total debt service (B) represents TIRZ
funds plus Penalties & Interest and (C) represents total PID #1 assessment required
revenue.
A millage rate (E) would be set to provide revenue equal to PID#1 assessment required
revenue (C). To calculate the millage rate divide the PID #1 assessment required revenue
(C) by the estimated taxable value of the PID #1 (D) and multiply the resulting number by
100 to find the tax rate per $100 value.
Millage 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 ad valorem tax year.
Assessment will be billed on October 1st or as soon thereafter as practicable and will be
considered delinquent if not paid by January 3111 of the following 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. 2351, Page 4 of 15
APPENDIX A
RESOLUTION NO. 10-1350
A RESOLUTION CREATING, AUTHORIZING, AND
ESTABLISHING THE GLADE PARKS PUBLIC IMPROVEMENT
DISTRICT; 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 October 4, 2010, 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
(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 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 November 23, 2010, 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. 2351, Page 5 of 15
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 November 23, 2010, 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 general nature of the
improvements to be performed by the District is to construct public
infrastructure, produce pedestrian amenities and linkages and provide
other improvements that are authorized by the Act.
(c) Estimated Cost of the Improvements. The total estimated cost of
improvements provided by the District is approximately twelve million,
one hundred thousand, six hundred and four dollars ($12,100,604).
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.
(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
Resolution No. 10-1350 Page 2 of 7
Ordinance No. 2351, Page 6 of 15
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 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 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
Resolutlon No. 10-1350 Page 3 of 7
Ordinance No. 2351, Page 7 of 15
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 City Secretary will provide assessment collection
services for collection of the special assessments.
Section 5. This 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 at a regular meeting of the Euless City Council on the 14tn
day of December 2010 by a vote of 7 ayes, o nays, and o abstentions.
APPROVED:
VL/U : a"� l j
ii
Mary Lib S& eh, Mayor
ATTEST:
kanCrirn�TRMC, City Secretary
Resolution No. 10-1350 Page 4 of 7
Ordinance No. 2351, Page 8 of 15
Exhibit A
•'1Ce�
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� '.�, �lYr'4�ti�
a
Resolution No. 10-1350 Page 5 of 7
Ordinance No. 2351, Page 9 of 15
Exhibit A
Beginning at the point of intersection of the west right-of-way (ROW) line of State
Highway 121 and the north ROW line of Cheek Sparger Road, thence
Westward to a point where said line intersects with the western property line of
Bbb & C RY Survey Abstract 204 Tracts 5 & 5e, thence
Northward along the west property of line Bbb & C RY Survey Abstract 204
Tracts 5 & 5e to a point where said line intersects with the western property line
of Doss, Jesse Survey abstract 441 Tract 613, thence
Northward along the west property line of Doss, Jesse Survey abstract 441 Tract
613 to a point where said line intersects with the western property line of Doss,
Jesse Survey abstract 441 Tract 6B1, thence
Northward along the western property line of Doss, Jesse Survey abstract 441
Tract 6131 to a point where said line intersects with the southern property line of
the Doss, Jesse Survey Abstract 441 tract 3c, thence
West along the southern property line of the Doss, Jesse Survey Abstract 441
tract 3c to a point where said line intersects with the western property line of the
Doss, Jesse Survey Abstract 441 tract 3c, thence
North along the western property line of the Doss, Jesse Survey Abstract 441
tract 3c to a point where said line intersects with the southern property line of
Doss, Jesse Survey Abstract 441 Tract 5, thence
West along the southern property line of Doss, Jesse Survey Abstract 441 Tract
5 to a point where said property line intersects with the eastern ROW line of
Heritage Avenue, thence
Northward along the eastern ROW line of Heritage Avenue to a point where said
line intersects with the northern property line of Havins, John H Survey, Abstract
685 Tract 2A, thance
Eastward along the northern property line of Havins, John H Survey, Abstract
685 Tract 2A to a point where said line intersects with the western ROW line of
State Highway 121, thence
Southward along the western ROW line of State Highway 121 to a point where
said line intersects with the northern ROW line of , Cheek Sparger Road, which is
the point of beginning
Resolution No. 10-1350 Page 6 of 7"
Ordinance No. 2351, Page 10 of 15
Exhibit B
Authorized Improvements
1) Construction of Rio Grand Boulevard
2) Construction of Rio Grande Bridge
3) Construction of Heritage Drive
4) SH --121 improvements
5) Landscaping
6) Wetland mitigation
7) Construction of Brazos and remaining streets
8) Main Entrance and Median (Chisolm Trail)
9) Administrative & Financinq Costs
Total Costs
Estimated Costs
$3,911,023
$1,016,065
$231,767
$1,297,164
$517,029
$296,000
$3,494,309
$587,247
$750,000
$12,100,604*
$12,100,604 does not include interest costs associated with financing the
improvements.
Resolution No. 10-1350 Page 7 of 7
Ordinance No. 2351, Page 11 of 15
APPENDIX B
Glade Parks PID Service Plan (Annual Indebtedness
PID #1
Tranchc 1
PID #1
Tomoho 2
PID Pt
Tranohe 3
PID All
PID a2
Trancha 4
'
S 3.035 Million
Issuance
S STis Million luuanca
W.OW Million bsuanca
S 12.1 Million
Combined issuance
Dab
Prinelpal
Coupon
inbrost
Tobl P+I
Fls lT tol
Da4
Prindpal
Coupon
Inbroat
Tobl P+1
Fl-I Total
Dab
Princlpal
Coupon
Inbmst
TobI P+I
Fiscal Tool
Dab
Prineipal
Coupon
Intaraat
ToWPA
Flaeal Tobl
Z152011
$0
0.00%
s0
SO
$0
Z152011
SO
0
SO
So
$0
W52011
SO
0
W
So
$0
Z152011
$0
$0
$0
SD
2/152017
SD
0
so
$0
SO
$0
0.0011,
554,622
$54,622
$0
&152011
s0
0
SO
5o
$0
&152011
SO
0
$0
SO
$0
Br152011
50
s54,622
554,622
So
8/1512011
$o
D
W
50
se
O&152D11
9130M 1
$0
0.00%
so
s0
$54.622
91=011
so
a
$o
SD
So
93&zon
So
D
$0
$0
SD
9992011
so
so
so
$54,622
93&2011
$0
0
$0
$0
so
V 51
$0
O.o
S57.49T
$57.497
SD
v752012
$0
0
so
so
so
7/i&2o12
So
D
$0
SO
so
v1s2012
so
$57,497
S57. 9T
so
2/152012
so
0
SD
so
so
Q 81152D12
Z5 9902012
So
so
0.00%
0.00%
$57,49T
$o
W7,49]
$o
SO
$114,994
.192012
&3&2012
$0
$0
o
0
So
$0
$0
so
So
$0
&152012
W30IM12
S0
so
0
0
So
$0
So
SD
$0
$0
&152012
&3U2012
so
so
W.07
so
S57,49T
SO
So
$114.994
&l52012
9302012
$0
So
0
0
$0
so
$0
So
S0
So
ZU v1s2013
SO
0.00%
$57,49T
S57,497
$0
Z1512013
30
0
$0
s0
soZ15=13
so0
$0
So
$o
V152013
so
S57,497
$57,497
So
Z152D13
$0
0
SD
SO
s0
7Z &152013
$125,OOD
3.W%
$5T,497
$182,497
$0
&152013
SO
0
s0
$0
se
&i52013
SO
0
SO
SO
SO
&152013
$125.=
357,07
$182,497
s0
81152013
s0
0
$0
Se
so
0 9302013
$0
0.00%
SO
s0
.5239,994
93&2013
s0
0
s0
s0
$0
93&2013
So
0
SO
S0
$0
o-013
$0
$0
$0
S2391994
93&2013
$0
D
$0
$0
$e
CD VJ 512014
$0
0.W%
S55,622
S55,622
SO
v152014
50
0
so
$0
So
Zt52014
So
D
So
SO
SO
2/153014
SO
$55622
S55,622
50
Z152014
SO
0
SO
s0
So
&152014
S130,000
3.00%
$55,622
$185,622
$0
&152a14
s0
0
s0
s0
so
MlSM14
s0
0
$0
SO
so
&152014
$1W,OW
$55.622
5185,622
SO
&152014
$0
0
$0
s0
$0
Z 91302.14
$0
D.00%
s0
$0
tt41.244
9302014
50
0
So
$0
So
7361014
$0
0
W
SO
s0
9302014
$0
30
So
$241,244
%2&2014
s0
0
SO
SD
$0
Q J152015
SO
0.00%
$W,6R
Ss"672
$0
Z152015
$o
O.N%
54B,9t0
$48,910
$0
Zt52015
so
D
3o
s0
$0
Z152015
s0
510,592
3102,582
SO
Z152015
So
0
$0
$0
SO
&1s2o15
$13o,N0
3.00%
553,6R
E183,6R
SD
&152015
$0
0.00%
S10,575
S10,S7s
E0
8'152015
s0
0
SD
SD
SD
&152015
S130,OW
$W,247
$287.247
$0
&152015
$0
0
$0
s0
$0
tV 9/MM15
30
0.0D%
s0
50
S237,344
93&2015
$0
0
so
so
$152.485
913&2D15
s0
D
SD
s0
So
9302015
SO
SO
W
5389,829
91302015
N
0
$D
s0
$0
0^D v152016
so
0.00%
$51,722
$51,M
SO
v 512016
s0
0.00%
310,575
$1..575
SO
v1s2016
$0
D
So
$o
SO
ZiS3016
So
$155,297
5155,297
$0
Z15]018
So
0
s0
$0
SD
G3 &152016
$135,DW
3.00%
$51.722
$186.722
$0
&152018
So
O.W%
$103,575
$103,575
$0
&752016
SO
0
$81,200
$81,2W
s0
87152016
$135,D00
$236,497
$371,497
$0
&152016
$0
0
$0
$0
$0
913&2e16
$0
0.00%
s0
$0
$238.444
913&2016
$0
0
SD
N
$207,150
9302016
30
0
50
So
$42W
93&2016
so
So
So
$s26.794
SW2016
$0
0
s0
so
SO
W512017
50
0.00%
$49,697
$49.WT
s0
Z152017
s0
5.W%
S1IX1,5T5
$lD3,575
s0
Z752017
$0
0
sw'000
S56,000
s0
Zi52e17
SD
$2092R
$20%2R
$0
21152017
So
0
$0
$0
SO
&152o17
314D.00D
3.00%
$49,%7
$189WT
SO
&1MD17
$220.DDO
5.00%
$103,575
$i23,5Ts
s0
&752017
so
D
SWIM
$56,DW
W
&152017
A60,000
$209,272
$5272
69
So
8/152017
$0
0
so
so
$0
R30201T
$0
D.N%
Se
SO
ttW.
&302017
$0
0
$0
SO
$427,t5o
9'Mi2017
SO
D
So
$0
$112,00o
,W2017
$0
$0
SO
$RB,544
9302017
s0
0
$0
Se
So
so
(Q Z152018
N
0.00%
$47,59T
$47,591
so
21572018
s0
5.00%
$98.075
$98,075
W
Z152018
$115,000
0,05
$56,000
$1711WO
s0
WIS/2018
$115,000
$201,6R
$316,6R
So
So
Z752018
&15201a
$0
So
0
0
SO
5o
$0
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O
N
W PID#1
Gi Glade Parks Municipal Revenue Cashflow
APPENDIX C
Glade Parks PID Service Plan
,a First,
Second & Third Debt Issuance
2025
202E
2027
2028
2024
October 2115/2024 Julyy 811512024 October 2/15/2025 July 811512025
October 2/15/2026
Julyy 8/1512026 October 211512027 Jut(� 6115202T
2,381,853 58,406,516 S - S 2,035,805 S - S
October 2115/2028 Julyy 811512028
9,303,69E S - $ 1,671,080 $
TIRZ Revenue - Available
54,455,519 $ - $2,453,620 S - $5,779,126 $ - $2,532,727 S - $
7,179,628 $ - $
$ -
CID
PID Revenue
$ - $ - $ - $ - S - S - $ - $ - $
- $ - S
- S - S - $ - $ - $ - $
- $ - $
- $
w
W
Debt Service Revenue Available
TIRZ Revenue -Transfer to Debt $ - S - $ 883,744 $ - S - $ - $ 886,244 $ - $
- $ - $
BB9,519 $ - $ - $ - $ 891.944 $ - S
- $ - $
893,188 S
1
O
Debt Fund Revenues (Total Revenue) S - $ - S 883,744 $ - S - $ - $ 886,244 $ - S
- S - $
889,519 $ - $ - $ - $ 891,944 $ - S
- $ - S
893,188 $ -
)
�i
r.11
Debt Fund Payments (Total Expenses) S - S (274,647) S (3,200) $ (605,897) S - S (272.722) $ (3,200) $ (610,322) 6
- S(266 897) $
(3,200) S (619,422f S - S(260,647) $ (3,200) $ (628.097) $
- S(258.844) S
(3,200) $ (631.144)
Debt Service Cashflow (Operating Income) $ 750,000 $ 475,353 $ 1,355,897 $ 750,000 $ 750,000 $ 477,278 $ 1,360,322 $ 750,000 $
750,000 $ 483,103 $
1,369,422 $ T50,000 $ 750,000 $ 489,353 $ 1,378,097 $ 750,000 $
T50,000 $ 491,156 $ 1,381.144 $ 750,000
TIRZ Balance Available' $ 6,D25,395 I $ 7,425.610
I $ 8,651,962 I $ 9,550,377
1 $10,087,589
PID #2
Glade Parks Municipal Revenue Cashflow
Fourth Debt Issuance
2024
October 2/1512024 July 811512D24 October
PID Revenue $ - S - $
- S - $
TIRZRemaining Revenue S - S - $6,025,395 $
- S
Debt Service Account (Total Revenue) S - S - $ 6,D25,395 $
Debt Service Payments (Total Expenses) $ (201 972) $ . S (42.?971
Debt Service Cashflow (Operating Income) $ (203,972) $ 5,821,423 $ 5,779,126
2025 2026 2027 2028
2115/2025 July 8/15/2025 October 211512026 July 811512026 October 2115/2027 July 811512027 October 211512028 July 811412029
$ _ $ _ $ _ $ _ S _ $ _ $ _ $ _ $ _ $ - $ - S - $
$ - S7,425.610 $ - $ - $ - S 8,651,962 $ - $ - S - $ 9,550,377 $ - $ - $ - $10,087,589 $ -
S - $7,425.610 $ - S - $ - $ 8.651,962 $ - $ - S - $ 9.550,377 S - $ - $ - $10.087,589 $
$ (206,978) S - S (39.004) S(209.860) $ - S (35.5861 S(214,576) S - S (32.005j $(217,271) $ _ - $ _ (28,299)
$ (206,978) $7,218,632 $7,179,628 $(209,860) $ 8,442,102 $ 8,406,516 $(214,676) $ 9,335,701 $ 9,303,696 $(217,271) $ 9,870,318 $ 9,842,019
APPENDIX D
Glade Parks PID Assessment Roll
PID #1
1
2
3
4
5
Q
Tax Year
2023
2024
2025
2026
2027
Fiscal Year
2024
2025
2026
2027
2028
Projected Taxable Value
$367,351,487
$380,208,789
$395,516,097
$407,289,160
$421,544,281
W
Accumulated Balance
$4,455,519
$5,779,126
$7,179,628
$8,406,516
$9,303,696
cD
Projected TIRZ Revenue
$2,453,620
$2,532,727
$2,361,853
$2,035,805
$1,677,080
OZ
PI D #1 Assessment
First, Second & Third Debt
N
W
Issuance
$0
$0
$0
$0
$0
W
PID Assessment
0.000000
0.000000
0.000000
0.000000
0.000000
PID #2 Assessment
Projected Taxable Value
$95,670,449
$99,018,915
$103,005,443
$106,071,537
$109,784,041
CD
Remaining TlRZRevenue
$6,025,395
$7,425,610
$8,651,962
$9,550,377
$10,087,589
Fourth Debt Issuance
$0
$0
$0
$0
$0
PID Assessment
0.000000
0.000000
0.000000
0,000000
0.000000
O
CA
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 1 (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
FILED AND RECORDED
OFFICIAL PUBLIC RECORDS OF
TARRANT COUNTY, TEXAS
08/09/2023 12:05 PM
D223142241
ORDINANCE
Pages:15
Fees: $75.00
MARY LOUISE NICHOLSON
COUNTY CLERK
Ordinance No. 2351, Page 15 of 15