NOTICE OF PUBLIC HEARING REGARDING THE CREATION OF A PUBLIC IMPROVEMENT DISTRICT

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Pursuant to Section 372.009(c) and (d) of the Texas Local Government Code, as amended, notice is hereby given that the City Council of the City of Heath, Texas (the “City”), will hold a public hearing to accept public comments and discuss the petition (the “Petition”) requesting that the City create the Haciendas Del Lago Public Improvement District (the “District”) to include property owned by the Petitioners located entirely within the corporate limits of the City.

Time and Place of Public Hearing.
The public hearing will start at or after 6:30 P.M. on Tuesday, September 25, 2018, in the regular meeting place of the City Council in the Council Chamber in the City Hall located at 200 Laurence Drive, Heath, Texas.

General Nature of the Proposed Authorized Improvements.
The purposes of the District include the design, acquisition, construction, and improvement of public improvement projects authorized by the Public Improvement District Assessment Act, codified as Chapter 372, Texas Local Government Code, as amended (the “Act”) that will benefit property within the District, which will include: design, construction and installation of: (a) street improvements, including related drainage, signage and right-of way; (b) water lines and related improvements; (c) sewer lines and related improvements; (d) payment of costs associated with developing and financing the public improvements listed above; and (e) costs of establishing, administering and operating the District (the “Authorized Improvements”).

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 $710,000, of which $390,000 of the cost of the Authorized Improvements is proposed to be paid from assessments levied on property within the District.

Proposed District Boundaries.
The District is proposed to include approximately 25.74 acres of land generally located adjacent to Haciendas Del Lago Street, north of Smirl Drive (FM 1140), and as more particularly described by a metes and bounds description available at the City Secretary’s office in the City Hall located at 200 Laurence Drive, Heath, Texas and available for public inspection during regular business hours.

Proposed Method of Assessment.
The City shall levy an assessment on each parcel within the District on which a residence is located, and on any vacant parcel on which a residence is later constructed or located or a vacant parcel that begins receiving City water and/or sewer service, to pay the District’s share of the cost of the Authorized Improvements in a manner that results in imposing equal shares of the cost on property similarly benefited. Each assessment may be paid in full at any time (including accrued and unpaid interest) or may be paid in annual installments (including interest and principal). The installments must be paid in amounts necessary to meet annual costs for the Authorized Improvements and must continue for a period necessary to retire the indebtedness issued for the Authorized Improvements.

Proposed Apportionment of Cost between the District and City.
The City will provide funds to pay $320,000 of the costs of the Authorized Improvements. $390,000 of the cost of the Authorized Improvements will be paid from assessments levied on property within the District.