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L Lakes at Fairmont Greens <br />The Plan estimates the following assessments for residential properties in Lakes at <br />Fairmont Greens according to the cost of the Public Improvements. The total assessment can be <br />paid upfront at the time the property containing a habitable structure is purchased or at any <br />time thereafter. The assessment can also be financed and paid in equal annual installments <br />over fifteen (15) years as prescribed below. <br />herein. <br />The following assessment will apply to all lots and is payable in the mariner described <br />Assessment - Public Improvement Costs (Capital Assessment) <br />Total Assessment $0.5273 per square foot of residential property <br />Financed Assessment $0.0616 per square foot of residential property per year <br />B. Levy and collection. <br />Notice of the levy of each assessment will be given as provided in Chapter 372 of the <br />Local Government Code. The assessment levy statement will be sent to each property owner in <br />the District, and the installment of the assessment levy will be due and payable at the same <br />time property taxes are due and payable to the City. Financed Public Improvement Cost <br />assessments (capital assessments) shall bear interest at eight percent (8.00%) per annum. <br />The first installment of an assessment against a particular property shall be due with <br />respect to the calendar year following the date such property has been improved with a <br />habitable structure as evidenced by the issuance of a certificate of occupancy. The City will <br />invoice each owner of property for the installment payment in conjunction with the City's <br />annual property tax bill, and the installments shall be due and payable, and incur penalty and <br />interest for unpaid installments in the same manner as provided for the City's property taxes. <br />Thereafter, subsequent installments shall be due in the same manner in each succeeding <br />calendar year until the assessment together with interest as provided herein has been paid in <br />full. The owner of assessed property may pay at any time the entire assessment then due on <br />each property, with interest accrued on the assessment through the date of payment. Failure of <br />City of La Porte, Lakes at Fairmont Greens Public Improvement District 4 <br />