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

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b. Supplemental Services The total assessment for supplemental services can be paid upfront at the time the property containing a habitable structure is purchased or at any time thereafter. The assessment can also be paid in equal annual installments over fifteen (15) years as prescribed below. 1. Lakes at Fainnont Greens The Plan estimates the following assessments for residential properties in Lakes at Fairmont Greens according to the cost of the Public Improvements and Supplemental Services. The total assessment can be paid upfront at the time the property containing a habitable structure is purchased or at any time thereafter. The assessment can also be financed and paid in equal annual installments over fifteen (15) years as prescribed below. The following assessment will apply to all lots and is payable in the manner described herein. Assessment - Public Improvement Costs (Capital Assessment) Total Assessment Financed Assessment $0.5273 er s uare foot of residential ro er $0.0616 per square foot of residential property per year Assessment - Supplemental Services Total Assessment Annual Assessment Payment $4,500.00 per lot $300.00 per lot per year B. Levy and collection. Notice of the levy of each assessment will be given as provided in Chapt~r 372 of the Local Government Code. The assessment levy statement will be sent to each property owner in the District, and the installment of the assessment levy will be due and payable at the same time property taxes are due and payable to the City. Financed Public Improvement Cost assessments (capital assessments) shall bear interest at eight percent (8.00%) per annum. No interest will accrue on supplemental service assessments. The first installment of an assessment against a particular property shall be due with respect to the calendar year following the date such property has been improved with a habitable structure as evidenced by the issuance of a certificate of occupancy. The City will invoice each owner of property for the installment payment in conjunction with the City's annual property tax bill, and the installments shall be due and payable, and incur penalty and interest for unpaid installments in the same manner as provided for the City's property taxes. Thereafter, subsequent installments shall be due in the same manner in each succeeding calendar year until the assessment together with interest as provided herein has been paid in full. The owner of assessed property may pay at any time the entire assessment then due on City of La Porte, Lakes at Fairmont Greens Public Improvement District 4