Agenda Packet 06-23 - Laserfiche WebLink

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Upon the division of any Assessed Property (without the recording of a subdivision plat), the Administrator shall reallocate the Assessment for the Assessed Property prior to the division among the newly divided Assessed Properties according to the following formula: A=Bx(C=D) Where the terms have the following meanings: A = the Assessment for the newly divided Assessed Property B = the Assessment for the Assessed Property prior to division C = the Estimated Buildout Value of the newly divided Assessed Property D = the sum of the Estimated Buildout Value for all of the newly divided Assessed Properties The calculation of the Assessment of an Assessed Property shall be performed by the Administrator and shall be based on the Estimated Buildout Value of that Assessed Property, as provided by the Developer, relying on information from homebuilders, market studies, appraisals, official public records of the County, and any other relevant information regarding the Assessed Property. The Estimated Buildout Value for Lot Type 1 is shown on Exhibit E and will not change in future Annual Service Plan Updates but Exhibit E may be updated in future Annual Service Plan Updates to account for additional Lot Types. The calculation as confirmed by the City Council shall be conclusive and binding. The sum of the Assessments for all newly divided Assessed Properties shall equal the Assessment for the Assessed Property prior to subdivision. The calculation shall be made separately for each newly divided Assessed Property. The reallocation of an Assessment for an Assessed Property that is a homestead under Texas law may not exceed the Assessment prior to the reallocation. Any reallocation pursuant to this section shall be reflected in the Annual Service Plan Update immediately following such reallocation. 2. Upon Subdivision by a Recorded Subdivision Plat Upon the subdivision of any Assessed Property based on a recorded subdivision plat, the Administrator shall reallocate the Assessment for the Assessed Property prior to the subdivision among the new subdivided Lots based on Estimated Buildout Value according to the following formula: A = [B x (C _ D)]/E Where the terms have the following meanings: �� r r r rr i i J f r 1 rlr 1/ Il 1, r i fr r r t, 111 11!11! 1 l l� JI 1.(lull/%I%%/,///%Illllll//111111111Jllllfl�fl11111110!!!!!!!!!!!!!!///!1///lflJl p IU 1I pJJ l l%//�%%%/%//////////11!!ll////////lllllll11111111/y%//IlfGllldlllllll!!I/G01111(((((1(lllllllldlJlllllJlll1111(�fifffffi(fPJlJJJJJJJJJJI((((((((IIIlIlI11111111111,111VP�{4J{IIiE!O/11Y�Y2llI��1111!(11111011011111,,!!!!If!!llflflllll!l111ll�lflfrllfrlr, %%%%ll�%%%%%%%%%%111111 JJJJJ,11111111((l 111.0111,.111 6111%Grp/// FORESTBROOK PUBLIC IMPROVEMENT DISTRICT NO. 1 17 PRELIMINARY SERVICE AND ASSESSMENT PLAN