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Mr. Hornsby often serves in the capacity of expert witness in cases involving eminent domain, bankruptcy, general commercial litigation and ad valorem tax appeal. He is qualified as an appraisal expert in numerous county courts, state district courts, Federal District Court, U.S. Bankruptcy Court, and various commissioners’ courts and appraisal district review boards. Mr.
Hornsby has given over 300 depositions, testified in over 200 special commissioners hearings and appeared in over 100 jury and bench trials.
In addition to real property appraisal, Mr. Hornsby provides counseling services relating to real estate, tangible personal property, and intangible assets. He is the owner of ph Business Advisors, a business valuation firm specializing in the appraisal of business enterprises, partnership interests, and the allocation of tangible and intangible assets. Land planning services are provided by our sister company, alterra design group (www.alterradesigngroup.com) and brokerage services by Hornsby Realty (www.hornsbyrealty.com)
Experience: Mr. Englund has been involved in appraisal and consultation of real property since 1986. He is currently a commercial real estate appraiser with Paul Hornsby & Company. Prior to becoming associated with Paul Hornsby & Company, he held the Senior Appraiser position at the Austin office of Grubb & Ellis Landauer Valuation Advisory Service, and previously was a Senior Analyst at Integra Realty Resources-Austin, a national commercial appraisal firm. From 1986 to 2006, Mr. Englund was an independent fee appraiser specializing in single and multifamily residential properties with offices in Baton Rouge and Austin. Valuations have been performed on various property types including single family residential, 1-4 family, apartment properties, residential subdivision developments, condominium developments, office and retail buildings, industrial buildings, nursing homes, convenience stores, mixed use facilities, marinas, and vacant land including eminent domain assignments.
His clients at various times have included financial institutions, REITs, insurance companies, law firms, governmental entities, developers, estates, and private property owners. Assignments have been completed for purposes of loan underwriting, portfolio valuation analysis, asset valuation, tax assessment purposes, property acquisition and disposition, estate tax and planning purposes, life estates, and due diligence support.
Education: Successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute and accredited universities, as well as general studies at Louisiana State University
[THIS PAGE INTENTIONALLY LEFT BLANK]APPENDIX F
This Estancia Hill Country Public Improvement District Financing Agreement (this “Agreement”), dated as of June 20, 2013, (the “Effective Date”), is entered into between SLF III – ONION CREEK, L.P., a Texas limited partnership (including its Designated Successors and Assigns, the “Owner”), and the City of Austin, Texas (the “City”), a municipal corporation, acting by and through its duly authorized representative.
WHEREAS, Owner and its affiliates own a total of approximately 600 acres of land contained within the area described in the attached Exhibit “B” (the “Property”). The Property is located in the City’s extraterritorial jurisdiction in Travis County, Texas and the City Council has approved the limited purpose annexation of the Property.
WHEREAS, it is intended that the Property will be developed as a mixed-use development by Owner, its affiliates and/or their successors and assigns, including future owners and developers, which may include single-family and multifamily residential, office, light industrial, retail and other uses (the “Project”);
WHEREAS, the Project is located along Interstate 35. The Project is in the City’s Desired Development Zone. The City has identified the intersection of I-35 and SH 45 as one of its growth nodes in the City’s Imagine Austin Plan;
WHEREAS, Owner and the City executed that certain Interim Annexation and Development Agreement (“Interim Development Agreement”) dated effective as of February 4, 2013 wherein the parties established goals and a process for annexation and zoning of the Property;
WHEREAS, the City Council authorized the formation of the Estancia Hill Country Public Improvement District on June 6, 2013 pursuant to Ordinance No. 20130606-054 (the “District”) in accordance with the PID Act (as defined in Exhibit “A”) and the City’s PID Policy adopted on December 18, 2008 (“PID Policy”);
WHEREAS, pursuant to the Estancia Hill Country Annexation and Development Agreement dated of even date herewith (the “Development Agreement”), the City has (i) superseded and replaced the Interim Development Agreement with the Development Agreement, (ii) adopted Ordinance No. 20130620-077 establishing zoning for the Project, and (iii) authorized the limited purpose annexation of the Property;
WHEREAS, pursuant to the City’s PID Policy and the terms of this Agreement, the City has agreed to allow City financing of certain infrastructure within the Property via a public improvement district;
F-2 WHEREAS, the City acknowledges that Owner’s cooperation in this endeavor enables the City to establish, define, and protect the City’s jurisdiction and regulatory authority over the Property, and that Owner would not have consented to the annexation and zoning of the Property but for the intention to enter into this Agreement;
WHEREAS, the Owner proposes to construct certain improvements over time to serve Property located in the District (or portions thereof) and transfer some of those improvements to the City or County in accordance with the terms and provisions of this Agreement;
WHEREAS, contemporaneously herewith the City intends to (upon satisfaction of the conditions and in accordance with the terms set forth in this Agreement), at the request, and with the consent, approval and agreement of the Owner, adopt the Assessment Ordinance (as defined herein) and adopt the Assessment Plan (as defined herein) that provides for the construction and financing of certain improvements within the District pursuant to the Assessment Plan, payable in whole or in part, by and from assessments levied against property within the District, as more specifically provided for in the Assessment Plan;
WHEREAS, the City intends to (upon satisfaction of the conditions and in accordance with the terms set forth in this Agreement) levy assessments on all or a portion of the property located within the District and issue, in one or more series, bonds for payment of costs associated with construction and/or acquisition of the Public Improvements (as defined herein) included in the Assessment Plan, as such plan may be amended from time to time;
WHEREAS, the City has determined that it is in its best interests to contract with the Owner for the construction of the Public Improvements, which will result in the efficient and effective implementation of the Assessment Plan; and WHEREAS, since funding from the initial PID Bond offering is insufficient to finance all of the Public Improvements within Improvement Area #1, Owner is depositing an Initial Owner Contribution (as defined herein) to augment the bond funding for the Public Improvements within Improvement Area #1;
WHEREAS, the Initial Owner Contribution, to the extent expended to pay for the costs of Public Improvements shall be returned to Owner over time from special assessments or if applicable, the proceeds of Improvement Area #1 Parity Bonds; and WHEREAS, it is also intended that Owner will be reimbursed for all of its Actual Costs (as defined herein) by allowing Owner to receive a portion of the Special Assessments (as defined herein) over time and/or receiving funds resulting from the issuance of Improvement Area #1 Parity Bonds, as more particularly described herein.
NOW, THEREFORE, for and in consideration of the mutual agreements, covenants, and conditions contained herein, and other good and valuable consideration, the parties hereto agree
Outline of Agreement This Agreement establishes provisions for the apportionment, levying, and collection of Assessments on the Property (Article II), the Construction of Public Improvements to be Acquired by the City or County (Article III), advancement of construction funds for the PID Bonds, acquisition and maintenance of Public Improvements within the District (Article IV), and the issuance of bonds for the financing of the Public Improvements (Article V). Definitions used herein are set forth in Exhibit “A” attached hereto and made a part hereof and in the Assessment Plan. This Agreement, together with the Development Agreement and the Redemption Agreement, sets forth the agreement among the parties concerning the PID financing, construction and City’s acceptance (where applicable) of the Public Improvements. Unless expressly set forth herein, the parties do not intend for this Agreement to supersede, replace, amend or conflict with the Development Agreement or Redemption Agreement.
City Council has authorized the limited purpose annexation of the Property. Timing of the City’s full purpose annexation of the Property shall be in accordance with Article V of the Development Agreement.
ARTICLE II. APPORTIONMENT, LEVY AND COLLECTION OF ASSESSMENTSSection 2.01. Preliminary Matters On June 6, 2013, the City authorized the formation of the District in (a) Resolution No. 2013-0606-054. The District includes all of the Property.
The Property may be developed in phases. It is currently contemplated that (b) there will be three (3) separate Improvement Areas (i.e., phases). It is also anticipated that the Public Improvements for each Improvement Area will provide special benefit to Parcels contained within that Improvement Area. As a result, Special Assessments will be levied on specific Improvement Areas of the Property from time to time associated with Public Improvements located within that Improvement Area. Initial PID Bonds for Improvement Area #1 (and potentially Improvement Area #1 Parity Bonds may be issued as well) will be issued to fund improvements within Improvement Area #1 (save and except the design costs for the TxDOT ramp relocations which are more particularly described in the Assessment Plan) and PID Bonds for other Improvement Areas may be issued periodically in the future as individual Improvement Areas of the Project are developed. The PID Bonds will fund infrastructure improvements that specially benefit Parcels within each given Improvement Area. In connection with the PID Bonds, Special Assessments will be levied only on Property located in the Improvement Area in question.
The initial Assessment Plan for the Property is attached hereto as Exhibit (c) “C.” The Owner acknowledges and agrees that the Assessment Plan must meet the requirements F-4 of Texas Local Government Code §§ 372.013 and 372.014 and be presented to the City Council for review and approval prior to PID Bonds being issued. Thereafter, the Assessment Plan will be updated and amended by the Administrator at least once per year, and submitted for the City Council’s review and approval. Notwithstanding the above, it is hereby understood and acknowledged by the Parties that the Special Assessments associated with the initial PID Bonds for Improvement Area #1 (which are being authorized by the City Council contemporaneously herewith) and the potential Improvement Area #1 Parity Bonds (or the amounts needed to repay the Owner for the Initial Owner Contribution and other Actual Costs eligible to be reimbursed from Special Assessments) are the only Special Assessments that can be addressed with reasonable certainty in the Assessment Plan. As a result, the Assessment Plan will need to be amended over time as subsequent Improvement Areas are developed (and corresponding PID Bonds are issued) in accordance with the terms set forth in this Agreement. Nevertheless, the basic terms and methodology described in the Assessment Plan will generally apply to the PID Bonds issued for future Improvement Areas.
Special Assessments on any portion of the Property will bear a direct (d) proportional relationship to the special benefit of the Public Improvements to that Improvement Area.
Special Assessments on any given portion of the Property may be adjusted (e) in connection with subsequent PID Bond issues as long as the Maximum Annual Assessment rate is not exceeded, and so long as the Special Assessments are determined in accordance with the Assessment Plan.
Prior to the levy of Special Assessments, the Owner shall provide a Feasibility (f) and Market Study Analysis to the City for the City’s review and approval, as described in Section 5.01 hereof, but only if such Feasibility and Market Analysis Study is required by the City. The Parties hereby acknowledge and agree that the Appraisal of Estancia Hill Country Phase I dated effective March 16, 2013 prepared by Paul Hornsby & Company shall serve as the Feasibility and Market Analysis Study for Improvement Area #1.
(g) The Property may be subject to an Owner’s Association assessment or a PID Maintenance and Operation Assessment for the provision of public services, including but not limited to maintaining public areas (e.g. parks and open space) within the District.
(h) Promptly following submission to the City of an updated Assessment Plan (or any subsequent amendment or supplement to the Assessment Plan) acceptable in form and substance to the City and to the Owner with respect to the matters therein that require approval by the Owner as provided in this Agreement, the City Council shall consider an Assessment Ordinance relating to the applicable plan or amendment or supplement. If an Assessment Ordinance is adopted, the City shall use reasonable, good faith efforts to expeditiously initiate and approve all necessary documents and orders required to effectuate the Assessment Plan and Assessment Ordinance.
F-5 Section 2.02. Apportionment and Levy of Assessments.