O-2010-3275 First Amended/Restated Service/Assessment Plan for Lakes at Fairmont Greens Public Improvement District

Browse Search

EXHIBIT A First Amended and Restated Service and Assessment Plan Lakes at Fairmont Greens Public Improvement District City of La Porte, Harris County, Texas 1. Introduction This First Amended and Restated Service and Assessment Plan (the "Plan') is prepared and adopted in conformance with the Public Improvement District Assessment Act, codified as Chapter 372, Texas Local Government Code (the "Act"), and pursuant to Resolution No. 2007- 02 creating the Lakes at Fairmont Greens Public Improvement District (the "PID" or the "District"), La Porte (the "City"), Harris County, Texas. The creation of the PID was initiated by a petition (the "Creation Petition") submitted by property owners within the PID boundaries in compliance with the requirements of Section 372.005 of the Act. This Plan supersedes and replaces the Service and Assessment Plan adopted March 10, 2008 by Ordinance No. 3067 and specifically removes the supplemental services component of the PID. 2. Boundaries The boundaries of the PID are as indicated in the map attached as Exhibit A. 3. Administration of the District Administration of the District is the responsibility of the City Council of the City of La Porte, Texas but to the extent allowed by law, the City may contract with a private sector company to carry out all or part of the City responsibilities as well as day-to-day operations and administration of the District. 4. Public Improvements a. The Public Improvements to be financed and constructed hereby (the "Public Improvements") serve to promote the construction of single-family units ("SFU"). The Public Improvements included in the Plan will confer a special benefit to properties within the Public Improvement District and will consist of the construction of site work, water lines, sanitary sewer lines, storm sewers, erosion control, contingency provisions, engineering services, financing costs, and administrative and legal services for the PID. The Public Improvements will be pre -funded by the developer of the residential subdivision within the PID. Under the Development Agreement executed between the Developer and the City, the Developer will be entitled to receive reimbursement of up to 35% of the Public Improvement costs subject to the limitations contained in the Agreement. L 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 City of La Porte, Lakes at Fairmont Greens Public Improvement District