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Notice of Public Hearing Regarding the Creation of a Public Improvement District - 09-09-2024 Lone Star Planned DevelopmentsCITY OF PARIS, TEXAS NOTICE OF PUBLIC HEARING REGARDING THE CREATION OF A PUBLIC IMPROVEMENT DISTRICT Pursuant to Section 372.009(c) and (d) of the Texas Local Government Code, as amended (the "Act"), notice is hereby given that the City Council of the City of Paris, Texas ("City"), will hold a public hearing to accept public comments and discuss the petition (the "Petition"), filed by Lone Star Planned Developments, LLC, a Texas limited liability company (the "Petitioner"), requesting that the City create the Forestbrook Public Improvement District No. 1 (the "District") to include property owned by the Petitioner and further described herein (the "Property"). Time and Place of the Hearing. The public hearing will start at 5:30 p.m. on September 9, 2024 in the City Council Chamber at City Hall, 107 E. Kaufman Street, Paris, Texas 75460. General Nature of the Proposed Authorized Improvements. The proposed public 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. Estimated Cost of the Authorized Improvements. The estimated cost to design, acquire and construct the Authorized Improvements, together with bond issuance costs, eligible legal and financial fees, eligible credit enhancement costs and eligible costs incurred in establishment, administration and operation of the District is approximately $20,000,000. Boundaries of the Proposed District. The District is proposed to include approximately 59.62 acres of land generally located north of Jefferson Rd, west of Hwy 286, and south of Hwy 271, located within the corporate limits of the City and as more particularly described by a metes and bounds description available for public inspection at the office of the City Clerk, located at 150 SE 1st Street, Paris, Texas 75460. Proposed Method of Assessment. The City shall levy assessments on each parcel within the District in a manner that results in imposing equal shares of the costs on property similarly benefited. All assessments may be paid in full at any time (including interest and principal), and certain assessments may be paid in annual installments (including interest and principal). If an assessment is allowed to be paid in installments, then the installments must be paid in amounts necessary to meet annual costs for those Authorized Improvements financed by the assessment, and must continue for a period necessary to retire the indebtedness of those Authorized Improvements (including interest). Proposed Apportionment of Cost between the District and the City. The City will not be obligated to provide any funds to finance the Authorized Improvements, except for assessments levied on real property within the District. No municipal property in the District shall be assessed. All of the costs of the Authorized Improvements will be paid from assessments and from other sources of funds, if any, available to the Petitioner. During the public hearing, any interested person may speak for or against the establishment of the District and the advisability of the improvements to be made for the benefit of the property within the District.