2024-034 - Accepting for filing a petition for establishment of the Foresbrook Public Improvement District No. 1

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PETITION FOR THE CREATION OF A PUBLIC IMPROVEMENT DISTRICT WITHIN THE CITY OF PARIS, TEXAS (City of Paris Public Improvement District No. 1) THE STATE OF TEXAS COUNTY OF LAMAR The undersigned petitioner (the "Petitioner"), acting pursuant to the provisions of Chapter 372, Texas Local Government Code, as amended (the "Act"), hereby petitions and requests the City Council of the City of Paris, Texas (the "City") create a public improvement district (the "District") encompassing the approximately 59.62 acres described in Exhibit A attached hereto ("Property") located within the corporate limits of the City, and in support of this petition the Petitioner would present the following: SectionIT lm. Standinof Petitioner. The Petitioner is (1) the owner of taxable real property representing more than 50 percent of the appraised value of taxable real property liable for assessment under the proposal, as determined by the current roll of the appraisal district in which the property is located; and (2) record owner of real property liable for assessment under the proposal who: (a) constitutes more than 50 percent of all record owners of property that is liable for assessment under the proposal; or (b) owns taxable real property that constitutes more than 50 percent of the area of all taxable real property that is liable for assessment under the proposal. Section 2., General nature of the rrot;ased public lmlrovements. The proposed public improvements (collectively, the "Authorized Improvements") include : (i) design, construction and other allowed costs related to street and roadway improvements, signalization, landscaping, lighting, signage, off-street parking and right-of-way; (ii) design, construction and other allowed costs related to water, wastewater and drainage (including storm drainage and detention) improvements and facilities; (iii) design, construction and other allowed costs related to parks, open space and recreational improvements, including trails and landscaping related thereto; (iv) design, construction and other allowed costs related to projects similar to those listed in sections (i) — (iii) above authorized by the Act, including similar off-site projects that provide a benefit to the Property; (v) acquisition, by purchase or otherwise of real property in connection with an Authorized Improvement; (vi) payment of expenses incurred in the establishment, administration, and operation of the District and (vii) payment of expenses associated with financing such public improvement projects, which may include but are not limited to, costs associated with the issuance and sale of revenue bonds secured by assessments levied against the Property within the District. These Authorized Improvements shall promote the interests of the City and confer a special benefit upon the Property. Section3,. Estimated „cost of the „pro used AuthorizedIml rovements: Petitioner estimates the cost to design, acquire and construct the Authorized Improvements is $20,000,000. 018581,000001` 1895-8205-9978.vI