HomeMy WebLinkAbout2390 08-19-2024D224148509 08/20/2024 02:54 PM Page: 1 of 16 Fee: $80.00
Electronically Recorded by Tarrant County Clerk in Official Public Records
Submitter: Jeanne Flores
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MARY LOUISE NICHOLSON
COUNTY CLERK
ORDINANCE NO. 2390
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") 2024-2025,
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
2024-2025 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
are severable, and if any phrase, clause, sentence, paragraph, or section of this
D224148509
Page 2 of 16
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 (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 19th day of August 2024, by a vote of 7 ayes,
0 nays, and 0_ abstentions.
APPROVED:
C
Lindaartin, Mayo
it'Suter%i/IC, CMC
ItySecr6'fairgChief Governance Officer
APPROVED AS TO FORM:
le -
Wayne Olson, City Attorney
Ordinance No. 2390, Page 2 of 16
D224148509 Page 3 of 16
EXHIBIT A
FY2024-2025 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. 2390, Page 3 of 16
D224148509 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. 2390, Page 4 of 16
D224148509
Page 5 of 16
Appendix A
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 1T RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EULESS, TEXAS, THAT:
Ordinance No. 2390, Page 5 of 16
D224148509 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. 2390, Page 6 of 16
D224148509
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. 2390, Page 7 of 16
D224148509
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:
da Martin, Mayor
ATTEST:
r
f1,1,4
Sutter, TRMC, City Secretary
Resolution No. 15-1461, Page 4 of 8
Ordinance No. 2390, Page 8 of 16
D224148509
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. 2390, Page 9 of 16
D224148509
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. 1 5-1461, Page 6 of 8
Ordinance No. 2390, Page 10 of 16
D224148509 Page 11 of 16
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Resolution No. 15-1461, Page 7 of 8
Exhibit A
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Ordinance No. 2390, Page 11 of 16
D224148509 Page 12 of 16
Exhibit B
Authorized Improvements
Parking Garage
Park and Park Amenities
TOTAL COSTS
Resolution No. 15-1461, Page 8 of 8
Estimated Costs
1,901,793 00
1,287,386.75
3,189,179.75
Ordinance No. 2390, Page 12 of 16
D224148509
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Ordinance No. 2390, Page 13 of 16
D224148509 Page 14 of 16
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Ordinance No. 2390, Page 14 of 16
D224148509
Page 15 of 16
APPENDIX D
Glade Parks PID Assessment Roll
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Ordinance No. 2390, Page 15 of 16
D224148509 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
Ordinance No. 2390, Page 16 of 16
ORDINANCE NO. 2390
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”) 2024-2025,
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
2024-2025 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
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 (71h) 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 19th day of August 2024, by a vote of 7 ayes,
0 nays, and 0 abstentions.
APPROVED:
C -z22a i44 - 44-"-
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t_�
(L ne actin, Mayo
ATTEST:
i
`kirb Sutter,". RMC, CMC
City Secretary/Chief Governance Officer
APPROVED AS TO FORM:
Wayne Olson, City Attorney
Ordinance No. 2390, Page 2 of 16
EXHIBIT A
FY2024-2025 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. 2390, Page 3 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. 2390, Page 4 of 16
Ordinance No. 2390, Page 5 of 16
Ordinance No. 2390, Page 6 of 16
Ordinance No. 2390, Page 7 of 16
Ordinance No. 2390, Page 8 of 16
Ordinance No. 2390, Page 9 of 16
Ordinance No. 2390, Page 10 of 16
Ordinance No. 2390, Page 11 of 16
Ordinance No. 2390, Page 12 of 16
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Ordinance No. 2390, Page 13 of 16
AP
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Ordinance No. 2390, Page 14 of 16
AP
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Ordinance No. 2390, Page 15 of 16
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
Appendix E
Ordinance No. 2390, Page 16 of 16