O-2008-3067 Service and Assessment Plan for Lakes at Fairmont Greens

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1. Lakes at Fairmont Greens Lakes at Fairmont Greens Subdivision is being developed by 65 La Porte, Ltd. and will contain an estimated 462 single-family units within the Public Improvement District. The Public Improvements authorized under this Plan for Lakes at Fairmont Greens, and the estimated costs thereof, are described below: LAKES AT FAIRMONT GREENS Public Improvement Costs PUBLIC IMPROVEMENT ESTIMATED COST PID COSTS (35%) Site Work $479,886 $167,960 Water Lines $452,352 $158,323 Sanitary Sewer $963,157 $337,105 Storm Sewer $1,557,746 $545,211 NPDESjErosion Control $274,771 $96,170 Contingency $559,187 $195,715 Engineering $643,065 $225,073 PID Creation Costs (100%) $30,000 $30,000 Subtotal $4,960,164 $1,755,557 Financing Cost $1,320,831 Administration & Legal Expenses $213,841 TOTAL $3,290,229 5. Construction of Public Improvements Design and construction of all Public Improvements will be performed to City specifications, and all construction shall be bid as required by the City. The Plan will be reviewed annually in accordance with the provisions of Chapter 372 of the Local Government Code and will include a review of the budgets, expenditures and revenues of the District. Additionally, the Plan will be reviewed for the purpose of establishing the installments for assessments based upon the costs for Public Improvements and the financial needs of the District. 6. Conveyance of Improvements to the City Upon completion of the improvements, and final inspection and acceptance of the Public Improvements by the City, the Developers will convey all rights to the improvements to the City or homeowner's association as applicable, subject to the Developer's rights of reimbursement described in the Development Agreement executed between the Developer and the City. City of La Porte, Lakes at Fairmont Greens Public Improvement District 2