RES 2020-07 Adopted 0 0
RESOLUTION 2020-07
APPROVING THE ANNUAL ASSESSMENT REPORT AND AMENDMENT OF THE
ASSESSMENT ROLL FOR THE BALLPARK VILLAGE MUNICIPAL IMPROVEMENT
DISTRICT AND CONFIRMING THE COLLECTION OF ANNUAL ASSESSMENTS
THEREIN
FOR THE 2019-2020 ASSESSMENT YEAR
The City Council (the "City Council') of the City of North Augusta, South Carolina (the
"City"),hereby finds and determines:
WHEREAS, The Ballpark Village Municipal Improvement District (the "Improvement
District"), located in the City of North Augusta was created by the City Council pursuant to the
Municipal Improvement Act, Title 5,Chapter 37, Code of Laws of South Carolina 1976,as amended
(the `Act'), through an ordinance enacted on February 6, 2017, wherein the Improvement District
was created and special assessments (the "Assessment' or "Assessments") were authorized to be
imposed and collected(the Assessment Ordinance");and
WHEREAS, certain capitalized terms undefined herein have such meanings as set forth in
the Rate and Method of Apportionment of Assessment, Appendix A of the Assessment Roll (the
"Rate and Method'),which was approved by the Assessment Ordinance; and
WHEREAS, the Assessments have been imposed on the Assessed Property within the
Improvement District pursuant to the Act and the Assessment Ordinance. The Assessment, including
the Annual Parcel Assessment,the Annual Parcel Credit and the Annual Payment for each Parcel, is
recorded on the Assessment Roll, attached hereto as Appendix B-1 and Appendix B-2 of the Annual
Assessment Report and Amendment of the Assessment Roll for 2019-2020 Assessment Year (the
"Annual Assessment Report") attached hereto as Exhibit A, which is being updated in accordance
with the Rate and Method, as detailed below, through City Council's approval of the Annual
Assessment Report;and
WHEREAS,pursuant to a Resolution of the Board of Directors (the `Board") of the North
Augusta Public Facilities Corporation (the "Corporation") adopted by the Board on February 20
2017, the Corporation issued its $69,450,000 Installment Purchase Revenue Bonds, Taxable Series
2017B, dated May 16, 2017 (the "Series 2017E Bonds"), in order to obtain a portion of the funds
necessary to defray the cost of the Public Improvements. Simultaneously with the issuance of the
Series 20I7B Bonds, the City issued its $43,412,000 Tax Increment Revenue Obligation, Series
2017A to the Corporation (the "2017 TIF Obligation"). By Ordinance enacted on February 6, 2017,
the City Council approved the issuance of the Series 20178 Bonds and the 2017 TIF Obligation.
Debt service requirements of the Series 20178 Bond will be paid from Available Sources (as that
term is defined in the Official Statement dated May 2,2017(the"Official Statement')relating to the
Series 2017 Bonds), which include TIF Revenues (as defined in the Official Statement) and
Assessments. Payments to the Corporation by the City pursuant to the 2017 TIF Obligation shall
constitute a dollar for dollar credit against the City's obligation to make Base Payments (as defined
in the Official Statement);and
WHEREAS, in order to facilitate the collection of the Assessments, the City shall update
Appendix B-1 and B-2 of the Assessment Roll each Assessment Year to reflect (i) the current
Parcels in the Improvement District, (ii) the Assessment for each Parcel, including any adjustments
to the Assessment as provided for in Section C of the Rate and Method; (iii)the Annual Assessment;
(iv)the Annual Parcel Assessment for each Parcel,(v)the Annual Payment to be collected from each
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Parcel for the current Assessment Year, (vi) prepayments of the Assessment as provided for in the
Annual Assessment RepoQ and (vii) termination of the Assessment as provided for in the Annual
Assessment Report; and
WHEREAS, the City Council has received the Annual Assessment Report, prepared by
MuniCap, Inc., the Administrator of the Improvement District, in accordance with the Rate and
Method.
NOW THEREFORE,BE IT RESOLVED by the Mayor and City Council for the City of
North Augusta, in meeting duly assembled and by the authority thereof that:
I. The Annual Assessment Report is hereby approved.
IL The Rate and Method provides for the annual collection of the Annual Payment. As
shown by the Annual Assessment Report, the sum of the Annual Payment for all
Pmcels in the Improvement District for the 2019-2020 Assessment Year is
$1,183,326.87. The billing of the Assessments to be collected from each Parcel as
indicated in the Annual Assessment Report for the 2019-2020 Assessment Year is
hereby confirmed.
III. This ordinance shall become effective as of the date hereof.
DONE, RATIFIED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF NORTH AUGUSTA, SOUTH CAROLINA, ON THIS 17'h DAY OF
FEBRUARY,2020.
CITY OF NORTH AUGUSTA,
SOUTH CAROLINA
,�x/_
Robert A.Pettit,Mayor
ATTEST: l�
�l0.Abyl, oL AiYN..Rh'
Sharon Lamar,City Clerk
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STATE OF SOUTH CAROLINA
COUNTY OF AIKEN
I, the undersigned, Clerk to City Council of the City of North Augusta, South Carolina
("City Council"),DO HEREBY CERTIFY:
That the foregoing constitutes a true, correct and verbatim copy of a resolution (the
"Resolution") adopted by the City Council of the City (the "City Council'), on February 17, 2020.
At such meeting, a quorum of the City Council was present and remained present throughout the
meeting.
Notice was previously given pursuant to and in conformity with Chapter 4, Title 30 of the
Code of Laws of South Carolina 1976, as amended (the Freedom of Information Act). At least 24
hours prior to the commencement of such meeting, the agenda for such meeting, showing the time
and place of the meeting and including as an item the consideration of the Resolution,was posted in
the administrative offices of the City, posted on the City's public website, and provided to news
media and other persons requesting such notification.
The original of the Resolution is duly entered in the permanent records of the City, in my
custody as Clerk.
The Resolution is now of full force and effect, and has not been modified, amended or
repealed.
IN WITNESS WHEREOF, I have hereunto set my Hand and the Seal of the City,this 171h
day of February,2020.
>�rLQh,6�7 iOS d�Yn ei!
Sharon Lamar,City Clerk
City of North Augusta, South Carolina
BALLPARK VILLAGE MUNICIPAL IMPROVEMENT DISTRICT
CITY OF NORTH AUGUSTA, SOUTH CAROLINA
ANNUAL ASSESSMENT REPORT AND
AMENDMENT OF THE ASSESSMENT ROLL FOR
2019-2020 ASSESSMENT YEAR
Prepared By:
MUNICAP,INC.
February 11,2020
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Ballpark Village Municipal Improvement District
City of North Augusta, South Carolina
Annual Assessment Report and
Amendment of the Assessment Roll for
2019-2020 Assessment Year
INTRODUCTION
The Ballpark Village Municipal Improvement District(the"Improvement District'),located
in the City of North Augusta, South Cuolina (the "City'), was created by Ordinance No. 2016-23
(the "Improvement District Ordinance'? enacted by the City Council of the City of North Augusta
(the"City Council') on February 6, 2017. The Improvement District Ordinance also authorized the
imposition of the Assessment(s) on the Assessed Property within the Improvement District and
approved an Assessment Roll listing the parcels in the Improvement District and the amount of the
Assessment imposed upon each such parcel. As more fully explained in the Report on the
Reasonable Basis of the Special Assessment, approved by the Improvement District Ordinance, the
Assessments were set to equal estimated tax increment finance revenues from the parcels of real
property within the Improvement District.
To defray the costs of public improvements to be provided for the Improvement District,
the North Augusta Public Facilities Corporation (the "Corporation') issued its $69,450,000
installment purchase revenue bonds on May 16, 2017 (the "Series 2017B Bonds'), pursuant to a
Resolution of the Board of Directors of the Corporation adopted on February 20, 2017.
Simultaneously with the issuance of the Series 2017B Bonds, the City issued its $43,412,000 tax
increment financing obligation to the Corporation (the "2017 TIF Obligation'). The 2017 TIF
Obligation constitutes a Borrowing as that term is defined in the Rate and Method of
Apportionment of Assessment, Appendix A of the Assessment Roll (the "Rate and Method'). By
Ordinance enacted on February 6, 2017,the City Council approved the issuance of the Series 2017B
Bands and the 2017 TIF Obligation and authorized the City to enter into the various documents and
instruments necessary to effectuate the issuance by the Corporation of the Series 2017B Bonds and
by the City of the 2017 TIF Obligation.
The City previously established a tax increment finance district (the "TIF District') in
accordance with Title 31,Chapter 6 of the Code of Laws of South Carolina 1976,as amended,which
is also known as the Tax Increment Financing Law. The TIF District encompasses approximately
457 acres, including the Improvement District. Pursuant to the Tax Increment Financing Law, the
private projects in the Improvement District and other private projects within the TIF District are
expected to produce annual tax increment financing district revenues ("TIF Revenues') for the City
that will secure the 2017 TIF Obligation. In consideration for the Corporation issuing the Series
2017B Bonds and entering into the documents related thereto, the City issued the 2017 TIF
Obligation to the Corporation,and the Corporation in tum assigned all right, tide and interest in the
2017 TIF Obligation to the trustee for the Series 2017E Bonds,which assignment caused the 2017
TIF Obligation to become put of the security for the Series 2017B Bonds. In accordance with the
terms and conditions set forth in the documents relating to the Series 2017B Bonds,each payment by
the City of TIF Revenues pursuant to the 2017 TIF Obligation shall constitute dollar for dollar credit
against the City's obligation to make payments under the documents relating the Series 2017B Bonds.
The Assessments shall be billed on an annual basis in accordance with the Rate and Method.
Pursuant to the Rate and Method, the Assessments on each Parcel within the Improvement District
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are due and payable each year as the Annual Parcel Assessment. The sum of the Annual Parcel
Assessment for all Parcels equals the Annual Assessment The Annual Assessment for each yen is
shown in the updated Appendix B-2 of the Assessment Roll, attached to this report. Pursuant to the
Rate and Method, the portion of the Annual Parcel Assessment to be billed and collected shall be
calculated in each Assessment Yen. In general,as further described below,in each Assessment Yen
the Annual Parcel Credit shall be subtracted from the Annual Parcel Assessment for each Parcel; the
resulting amount shall equal the Annual Payment, which is to be billed and collected from the
Assessed Property in the Improvement District. The Annual Parcel Assessment, the Annual Parcel
Credit and the Annual Payment for each Parcel are shown in the updated Appendix B-I of the
Assessment Roll,attached to this report.
In order to facilitate the collection of the Assessment, the City shall update Appendix B-1
and B-2 of the Assessment Roll each Assessment Yen to reflect (i) the current Parcels in the
Improvement District, (n) the Assessment for each Parcel, including any adjustments to the
Assessment as provided for in Section C; (w) the Annual Assessment; (iv) the Annual Parcel
Assessment for each Parcel, (v) the Annual Payment to be collected from each Parcel for the current
Assessment Yen, (vi)prepayments of the Assessment as provided for herein,and (vii)termination of
the Assessment as provided for herein.This report has been prepared to meet these requirements for
the 2019-2020 Assessment Year.Through its approval of this report,City Council is confirming the
Annual Payment and the updated Assessment Roll.
Capitalized terms used but not defined herein are defined in the Rate and Method.
I-CURRENT PARCELS IN THE IMPROVEMENT DISTRICT
Based on information provided by Aiken County, there me no additional Parcels created in
calendar year 2018 or before that need to be added to the Assessment Roll for the 2019-2020
Assessment Yen. The updated Appendix B-1, attached to this report, lists the Parcels in the
Improvement District for which the Annual Payment for the 2019-2020 Assessment Yen may be
billed.
Real property parcels created from subdivisions in calendar yen 2019,which did not receive
a 2019 tax year real property tax bill from Aiken County,will not receive a 2020 real property tax bill
from the City,will not be billed an Annual Payment in this 2019-2020 Assessment Year and ate not
specified on the attached Appendix B-1,me reported in Section VIII below.
II-ASSESSMENT ON EACH PARCEL
The Assessment for each Parcel is shown on Appendix B-1, attached to this report. The
Assessment on each Parcel shown on Appendix B-1 remains unchanged from the prior Assessment
Roll
III-ANNUAL ASSESSMENT
The Annual Assessment for each Assessment Yen is shown on Appendix B-2, attached to
this report.
As indicated above,the Annual Assessment is the sum of the Annual Parcel Assessment for
all Parcels in the Improvement District.For the 2019-2020 Assessment Yen,the Annual Assessment
equals$1,591,276.75,as shown on Appendix B-2.
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IV-ANNUAL PARCEL ASSESSMENT FOR EACH PARCEL
The Annual Parcel Assessment for each Parcel for the 2019-2020 Assessment Year is shown
on Appendix B-1, attached to this report. The Annual Parcel Assessment for each Parcel for 2019-
2020 Assessment Year that are shown on Appendix B-1 are consistent with the amounts specified in
the original Assessment Roll.
V-ANNUAL PAYMENT
The Annual Payment for each Parcel for the 2019-2020 Assessment Year is shown on
Appendix B-1,attached to this report.
The Annual Payment is defined in the Rate and Method as follows:
"The Annual Payment means for each Parcel, the portion of the Annual
Parcel Assessment to be collected each Assessment Year calculated as
provided for in Section D."
As specified in Section D of the Rate and Method, the Annual Payment is calculated as
follows:
"First Step: The Administrator shall calculate the Annual Revenue Requirement. If the
Annual Revenue Requirement is less than the Annual Assessment, the Annual Parcel
Assessment on every Parcel shall be decreased on a pro-rated basis such that the Annual
Assessment equals the Annual Revenue Requirement.
Second Step: The Administrator shall calculate the Tax Revenues for each Parcel in the
Improvement District If the sum of the Tax Revenues for all Parcels is greater than or
equal to die Annual Assessment,then the Annual Payment for all Parcels shall equal zero
($0.00).
Third step: If the sum of the Tax Revenues for all Parcels is less than the Annual
Assessment, then the Annual Payment for each Parcel shall equal Parcel's Annual Parcel
Assessment less the Parcel's Annual Parcel Credit"
The remainder of this Section V describes the calculation of the Annual Payment pursuant
to steps described above.
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First Step
As indicated above,the first step in the calculation of the Annual Payment is to compare the
Annual Revenue Requirement to the Annual Assessment. The Annual Assessment equals
$1,591,276.75. -
The Annual Revenue Requirement is defined in the Rate and Method as follows:
"The Annual Revenue Requirement means for any Assessment Year, the
sutra of the following. (1) Debt Service Expenses and (2) Administrative
Expenses; less the sum of Other Available Funds and Other Ballpark
Village Revenues."
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Table A below provides a calculation of the Annual Revenue Requirement for the 2019-
2020 Assessment Year Each of these numbers is explained in the following sections.
Table A
Annual Revenue Requirement
Debt Service Expenses
2017 TIF Obligation
Interest payment on April 15,2020 $1,063,594.00
Interest payment on October 15,2020 $1,063,594.00
Principal payment on October 15,2020 $166,000.00
Subtotal Debt Service Expenses $2,293,188.00
Adminctrative Expenses $50,000.00
Subtotal expenses $2,343,188.00
Other Available Funds ($1,041.02)
Other Ballpark Village Revenues $0.00
Subtotal of available funds ($1,041.02)
Annual Revenue Requirement $2„342,146.98
Debt S,.,E.%pemses
Debt service includes the semi-annual interest payments due on the 2017 TIF Obligation on
April 15, 2020 and on October 15, 2020. The interest payment on the 2017 TIF Obligation due on
April 15,2020 is$1,063,594.00 and the interest payment on the 2017 TIF Obligation due on October
15, 2020 is $1,063,594.00. Them is a principal payment in the amount of $166,000.00 due for the
2017 Obligation on October 15, 2020. As a result, total debt service on the 2017 TIF Obligation is
$2,293,188.00.
Admimuftfive Expense,
Administrative F.apenses is defined in the Rate and Method as follows:
"Administrative Expenses means the acmal or budgeted costs, as
applicable, directly related to the administration of the Improvement
District,which may include but are not limited to the following: the costs of
computing the Annual Payments; the costs of collecting the Annual s
Payments(whether by the City or otherwise);the costs of the Administrator
in the discharge of their duties; the costs of the City of complying with
arbitrage rebate requirements; the costs of the City of complying with
securities disclosure requirements; and any other costs of the City in any
way related to the administration and operation of the Improvement
District, including, without limitation, the costs of legal counsel and other
consultants and advisors, and costs related to commencing foreclosure and
pursuing collection of delinquent Annual Payments,including contingencies
and reserves for Administrative Expense as deemed appropriate by the City
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Estimated Administrative Expenses include payments to the trustee of the Series 2017B
Bonds, payments to the administrator of the Improvement District, legal fees for the Improvement
District and miscellaneous expenses for the administration of the Improvement District, including
but not limited to expenses related to the collection of the Annual Payment and orb" expenses of
the City.The annual charges of the trustee are estimated to be$5,000.00.The estimated annual total
of the fees of the administrator of the Improvement District is $25,000.00. The estimated annual
total of the legal fees to be incurred by the City relating to the Improvement District is $15,000.00.
Miscellaneous Administrative Expenses are estimated to be $5,000.00. Accordingly, total
Administrative Expenses for the 2019-2020 Assessment Year are estimated to be$50,000.00.
OtberAvailable Fundy
Other Available Funds is defined in the Rate and Method as follows:
"Other Available Funds means capitalized interest,interest earnings on any
trust account in connection with the Borrowings and any other funds
deposited to a trust account in connection with the Borrowings that am
available to meet the Annual Revenue Requirement in any given
Assessment Yeaz"
The City has indicated that as of December 23, 2019, a total of $1,041.02 of capitalized
interest and interest earnings, held in trust accounts, are available to meet the Annual Revenue
Requirement.
Otber Ba4k Village Revenuer
Other Ballpark Village Revenues is defined in the Rate and Method as follows:
"Other Ballpark Village Revenues means legally available funds determined
on an annual basis potentially beginning in the 6th Assessment Year that
result from parcels of real property or activity within the Improvement
District and are designated as "Other Ballpark Village Revenues" by City
Council, in its sole discretion, by resolution to meet the Annual Revenue
Requirement in any given Assessment Year"
In that the 2019-2020 Assessment Year is prior to the 6^ Assessment Year, Other Ballpark
Village Revenues equals zero ($0.00).
As shown in Table A above, the Annual Revenue Requirement equals $2,342,146.98. This
amount is greater than the Annual Assessment of $1,591,276.75. As such, the potential resulting
action of the fust step (to reduce the Annual Parcel Assessment on a pro rata basis, as explained
above)is not implemented.
Second Step
As indicated above, the second step in the calculation of the Annual Payment is to compare
the sum of the Tax Revenues for all parcels to the Annual Assessment. The Annual Assessment
equals$1,591,276.75.
Tax Revenues is defined in the Rate and Method as follows:
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"Tax Revenues means for each Parcel the actual or estimated annual real
property tax revenues expected to be collected for the specific Assessment
Year and available to be applied to the repayment of the Borrowings,
pursuant to the Redevelopment Plan and as described in the Development
Agreement. The calculation of the Tax Revenues for each Parcel will
exclude (1) any deductions for the base assessed value of the tax increment
finance district or the base assessed value of the Panel or the Pucel's
parent parcel at the creation of rhe tax increment finance district and (2)
other tax revenues that are not available for the Redevelopment Plan."
The calculation of rhe Tax Revenues for each parcel is shown in Appendix C, attached to
this report. As further explained on Appendix C, the calculation of the Tax Revenues utilizes the
following information:
• The assessed value of the Parcels as provided by the Aiken County Tax Assessor
• A total millage rate of$0.2764 per$1 of assessed value.
As shown in Appendix C, the sum of rhe Tax Revenues for all Parcels equals $489,360.67,
which is less than the Annual Assessment of $1,591,276.75. As such, the potential result of the
second step (that the Annual Payment for all Parcels equals zero)is not implemented.
Third Step
Following the determination made above for the second step, the third step in the
calculation of the Annual Payment is required.The third step is to subhact the Annual Parcel Credit
from the Annual Parcel Assessment for each Parcel.The Annual Parcel Credit is defined to the Rate
and Method as follows:
"Annual Parcel Credit means for each Parcel in each Assessment Year the
Parcel's Tax Revenues; provided, however, that rhe Annual Parcel Credit
for a Parcel in any Assessment Year shall not exceed the Parcel's Annual
Parcel Assessment"
Appendix C provides the Annual Parcel Credit for each Parcel,as well as a calculation of the
Annual Payment for the 2019-2020 Assessment Year for each Parcel.As shown on Appendix C,the
Annual Parcel Credit equals the Annual Parcel Assessment for one Parcel (the Parcel identified by
the County as 007-17-002-03, on which an apartment unit project has been constructed) (and
excluding all Parcels for which the Annual Parcel Assessment equals zero), which results in an
Annual Payment of zero ($0.00) for this one Parcel. As shown on Appendix C, the sum of the
Annual Payment for all Parcels in the Improvement District equals $1,183,326.87, which is
distributed amongst sixteen Parcels.
The Annual Payment to be billed and collected from the sixteen Parcels of Assessed
Property in the Improvement District(as described above and shown on Appendix C),shall be billed
on the City's annual real property tax bill and collected by the City as the property owner makes
payment of the entire amount due (inclusive of the Annual Payment), as indicated on the real
property tax bill.
VI-PREPAYMENTS OF THE ASSESSMENT
As of the date of this report,there has been no prepayment of the Assessment
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VII-TERMINATION OF THE ASSESSMENT
The Rate and Method specifies the following regarding the termination of the Assessment.
"Except for any delinquent Annual Payments and related penalties and interest, the
Assessment on each Parcel may not be collected for a term exceeding the earlier of(a) the
final maturity of the Borrowings and (b) the date on which such Assessment is prepaid in
full as provided for herein."
The final maturity of the 2017 TIF Obligation is October 15,2046.As indicated above,there
have been no prepayments of the Assessment. As such, there has been no termination of the
Assessment on any Parcel.
VIII—ADDITIONAL INFORMATION
As indicated in Section I above,real property parcels created through 2019 subdivisions are
not included in the information provided in Section I,are not included on the updated Appendix B-1
(attached) and are not billed an Annual Payment in the 2019-2020 Assessment Year. Certain real
property parcels created through calendar year 2019 subdivisions and the allocation of the
Assessments to these real property parcels are presented below. The real property parcels and the
Assessments allocated thereto that are presented in the tables below will be recorded in a future
Assessment Roll update.
According to records from the Aiken County Tax Assessor's Office, during calendar year
2019 a Parcel of real property identified by Aiken County as TMS # 007-14-19-001 was subdivided
to create two resulting real property parcels, as specified in Table B below. Pursuant to the Rate and
Method, the Assessment on the parent parcel (TMS # 007-14-19-001) prior to the subdivision is
being allocated to the child parcels as shown in Table B below.The Assessment on the parent parcel
that is shown in the table below (which is being allocated to the child parcels) reflects the resulting
amount of the Assessment on the parent parcel at the conclusion of the 2019-2020 Assessment Year
and assumes that the Annual Payment for the 2019-2020 Assessment Year billed to the parent parcel
is collected by the City.
Table B
Subdivision of Parcel 007-14-19-001
I.dui alcnt
Units Assessment
Parent parcel before subdivision
007-14-19-001 $1,675,396
Child parcels after subdivision
007-14-19-001 17.70 $1,675,396
007-18-05-009 0.00 $0
17.70 $1,675,396
According to records from the Aiken County Tax Assessor's Office, during calendar year
2019 a Parcel of real property identified by Aiken County as TMS # 007-18-05-002 was subdivided
to create five resulting real property parcels,as specified in Table C below. Pursuant to the Rate and
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Method, the Assessment on the parent parcel (TMS # 007-18-05-002) prior to the subdivision is
being allocated to the child parcels as shown in Table C below.The Assessment on the parent parcel
that is shown in the table below (which is being allocated to the child parcels) reflects the resulting
amount of the Assessment on the parent parcel at the conclusion of the 2019-2020 Assessment Year
and assumes that the Annual Payment for the 2019-2020 Assessment Year billed to the parent parcel
is collected by the City.
Table C
Subdivision of Parcel 007-18-05-002
Equivalent
Units Assessment
Parent parcel before subdivision
007-18-05-002 $3,661,936
Child parcels after subdivision
007-18-05-002 0.00 $0
007-18-05-005 0.00 $0
007-18-05-006 8.060 $786,234
007-18-05-007 1.320 $128,763
007-18-05-008 28.160 $2,746,940
37.540 $3,661,936
The Annual Parcel Assessment for the child parcels specified in Table B and Table C above
are being set by the City pursuant to the Rate and Method,which specifies the following:
"The Annual Parcel Assessment for each Parcel that results from the subdivision shall be set
by the City pursuant to the following: (1) the sum of the Parcel's Annual Parcel Assessment
for all remaining years shall equal the Parcel's Assessment; (2) for each Assessment Year the
sum of the Annual Parcel Assessment for all Parcels resulting from the subdivision shall equal
the Annual Parcel Assessment for the Parcel existing prior to the subdivision; (3) the Parcel's
Annual Parcel Assessment may vary per year in accordance with the Debt Service Expense;
and (4) the Parcel's Annual Parcel Assessment may vary per year in accordance with the
Development Agreement."
The resulting Annual Parcel Assessment for the child parcels specified in Table B and Table
C above are specified in Appendix D.
CONCLUSION
Appendix B-1, Appendix B-2, Appendix C and Appendix D are shown on the following
pages.There is no Appendix A.
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