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SECTION 1: DEFINITIONS
<br />"Actual Costs" mean, with respect to Authorized Improvements, the actual costs paid or incurred
<br />by or on behalf of the Developer, either directly or through affiliates, including: (1) the costs for
<br />the design, planning, financing, administration/management, acquisition, installation,
<br />construction and/or implementation of such Authorized Improvements; (2) the fees paid for
<br />obtaining permits, licenses, or other governmental approvals for such Authorized Improvements;
<br />(3) the costs for external professional services, such as engineering, geotechnical, surveying, land
<br />planning, architectural landscapers, appraisals, legal, accounting, and similar professional
<br />services; (4) the costs for all labor, bonds, and materials, including equipment and fixtures, owing
<br />to contractors, builders, and materialmen engaged in connection with the acquisition,
<br />construction, or implementation of the Authorized Improvements; (5) all related permitting and
<br />public approval expenses, and architectural, engineering, consulting, and other governmental
<br />fees and charges, and (6) costs to implement, administer, and manage the above-described
<br />activities including, but not limited to, a construction management fee equal to four percent (4%)
<br />of construction costs if managed by or on behalf of the Developer.
<br />"Additional Interest" means the amount collected by the application of the Additional Interest
<br />Rate.
<br />"Additional Interest Rate" means the up to 0.50% additional interest rate that may be charged
<br />on Assessments securing PID Bonds pursuant to Section 372.018 of the PID Act. The Additional
<br />Interest Rate is not charged on Assessments securing the Improvement Area #1 Reimbursement
<br />Obligation.
<br />"Administrator" means the City or independent firm designated by the City who shall have the
<br />responsibilities provided in this Service and Assessment Plan, any Indenture, or any other
<br />agreement or document approved by the City related to the duties and responsibilities of the
<br />administration of the District. The initial Administrator is P3Works, LLC.
<br />"Annual Collection Costs" mean the actual or budgeted costs and expenses related to the
<br />operation of the District, including, but not limited to, costs and expenses for: (1) the
<br />Administrator; (2) City staff; (3) legal counsel, engineers, accountants, financial advisors, and
<br />other consultants engaged by the City; (4) calculating, collecting, and maintaining records with
<br />respect to Assessments and Annual Installments; (5) preparing and maintaining records with
<br />respect to Assessment Roll(s) and Annual Service Plan Updates; (6) paying and redeeming PID
<br />Bonds; (7) investing or depositing Assessments and Annual Installments; (8) complying with this
<br />Service and Assessment Plan, the PID Act, and any Indenture, with respect to the PID Bonds,
<br />including the City's continuing disclosure requirements; and (9) the paying agent/registrar and
<br />KORESTBROOK PUBLIC IMPROVEMENT DISTRICT NO. 1 B
<br />SERVICE AND ASSESSMENT PLAN
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