Danieldale Homestead PID

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A RESOLUTION OF THE CITY OF DESOTO, TEXAS AUTHORIZING
AND CREATING THE DANIELDALE HOMESTEAD PUBLIC
IMPROVEMENT DISTRICT IN ACCORDANCE WITH CHAPTER 372
OF THE TEXAS LOCAL GOVERNMENT CODE; PROVIDING FOR
RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE

WHEREAS, the City of DeSoto, Texas (“DeSoto”), is authorized under Chapter 372 of
the Texas Local Government Code (the “Act”), to create a public improvement district within its city limits; and
WHEREAS, the City Council of DeSoto (the “City Council”) has received a petition,
dated November 27, 2019 (the “Petition”) requesting the creation of a public improvement
district (the “Proposed District”) from Homestead at Daniel Farms, Ltd., Danieldale Property LP, DeSoto Professional Park, LLC, Bloomfield Homes, L.P., and 726, LLC, the record owners of taxable real property representing more than fifty percent (50%) of the appraised value of the real property liable for assessment (as determined by the most recent certified appraisal roll for Dallas County) in the Proposed District and the record owners of taxable property that constitute more than 50% of all of the area of all taxable real property that is liable for assessment under the Proposed District (collectively, the “Petitioners”); and
WHEREAS, the Petition has been examined, verified, and found to meet the
requirements of Section 372.005(b) of the Act and to be sufficient for consideration by the City Council, and
WHEREAS, the City Council finds and determines that only the property subject to the
Petition and owned by Homestead at Daniel Farms, Ltd., Danieldale Property LP, Bloomfield
Homes, L.P, and 726, LLC shall be formed into a public improvement district to be known as the Danieldale Homestead Public Improvement District (the “District”);
WHEREAS, Homestead at Daniel Farms, Ltd., Danieldale Property LP, Bloomfield
Homes, L.P, 726, LLC are the record owners of taxable real property representing more than fifty percent (50%) of the appraised value of the real property liable for assessment (as determined by the most recent certified appraisal roll for Dallas County) in the District and the record owners of taxable property that constitute more than 50% of all of the area of all taxable real property that is liable for assessment under the proposal;

WHEREAS, the boundaries of the District are located within the corporate limits of
DeSoto and are described in Exhibit A (the “Property”), attached hereto and incorporated herein for all purposes; and WHEREAS, after providing all notices required by the Act, the City Council, on March 3, 2020, convened a public hearing on the advisability of the improvements and services (the “Public Hearing”) and continued such public hearing to March 17, 2020;

WHEREAS, on March 17, 2020, the City Council reopened the public hearing and, after
considering all written and documentary evidence presented at the hearing, including all written comments and statements filed with the City, the City Council closed the Public Hearing;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DESOTO, TEXAS:
Section 1. The findings set forth in the recitals of this Resolution are found to be true and
correct.

Section 2. The Petition submitted to DeSoto by the Petitioners was filed with the City
Secretary and complies with Section 372.005 of the Act.

Section 3. Pursuant to the requirements of the Act, including, without limitation, Sections
372.006, 372.009(a), and 372.009(b), the City Council of DeSoto, after considering the Petition and the evidence and testimony presented at the Public Hearing, hereby finds and declares:

(a) Advisability of the Proposed Improvements. It is advisable to create the District to
provide the Authorized Improvements (as described below). The Authorized
Improvements are feasible and desirable and will promote the interests of DeSoto and
will confer a special benefit on the Property.

(b) General Nature of the Authorized Improvements. The purposes of the District
include the design, acquisition, construction and improvement of public improvement
projects authorized by the Act that are necessary for the development of the Property,
in phases, which include (i) street and roadway improvements, including related
sidewalks, drainage, utility relocation, signalization, landscaping, lighting, signage,
off-street parking and right-of-way; (ii) establishment or improvement of parks and
open space, together with the design, construction and maintenance of any ancillary
structures, features or amenities such as trails, playgrounds, walkways, lighting and
any similar items located therein; (iii) sidewalks and landscaping, including entry
monuments and features, fountains, lighting and signage; (iv) acquisition,
construction, and improvement of water, wastewater and drainage improvements and
facilities; (v) projects similar to those listed in subsections (i) – (iv) above authorized
by the Act, including similar off-site projects that provide a benefit to the property
within the District; (vi) special supplemental services for improvement and promotion
of the District; (vii) payment of costs associated with operating and maintaining the
public improvements listed in subparagraphs (i) – (vi) above; and (viii) payment of
costs associated with developing and financing the public improvements listed in
subparagraphs (i) – (vi) above, and costs of establishing, administering and operating
the District (collectively, the “Authorized Improvements”); and (b) the payment of
expenses incurred in the establishment, administration, and operation of the PID,
including costs of issuance, funding debt service and capitalized interest reserves and
credit enhancement fees of any bonds issued by or on behalf of the PID, if necessary.

(c) Estimated Costs of the Authorized Improvements and Apportionment of Costs.
The estimated total costs of the Authorized Improvements is $47,552,411 and the
annual administrative costs of the District that will be determined annually by the
City, which costs shall be paid by assessment of the property owners within the
proposed District and from other sources of funds, if any, available to the developer
of the Property. DeSoto will not be obligated to provide any funds to finance the
Authorized Improvements, other than from assessments levied on the Property. No
municipal property in the District shall be assessed.

(d) Boundaries of the District. The boundaries of the Danieldale Homestead Public
Improvement District are set forth in Exhibit A.

(e) Proposed Method of Assessment. DeSoto shall levy an assessment on property
within the District in a manner that results in imposing equal shares of the costs on
property similarly benefited. All assessments, including interest, may be paid in full
at any time, and certain assessments may be paid in annual installments, with interest.
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 assessments, and must continue for a period necessary to retire the
indebtedness for those Authorized Improvements (including interest). A report will
be prepared showing the special benefit accruing to property in the District and how
the costs of the Authorized Improvements are assessed to property on the basis of a
special benefit.

(f) Management of the District. The District shall be managed by DeSoto, with the
assistance of a consultant, who shall, from time to time, advise DeSoto regarding
certain operations of the District.

(g) Advisory Board. The District shall be managed without the creation of an advisory
body.

Section 4. The Danieldale Homestead Public Improvement District is hereby authorized
and created as a public improvement district under the Act in accordance with the findings of the City Council as to the advisability of the Authorized Improvements contained in this Resolution, the nature and the estimated costs of the Authorized Improvements, the boundaries of the District, the method of assessment, and the apportionment of costs as described herein; and the conclusion that the District is needed to fund such Authorized Improvements.

Section 5. Notice of this Resolution authorizing the creation of the District shall be given
by publishing such notice once in a newspaper of general circulation in DeSoto. Effective upon the publication of such notice, such authorization shall take effect and the District shall be established.

Section 6. This Resolution shall take effect immediately from and after its passage and
publication as required by law.

DULY RESOLVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF
DESOTO, TEXAS ON MARCH 17, 2020
CITY OF DESOTO, TEXAS
APPROVED:
/S/ Curtistene S. McCowan, Mayor
ATTEST:
/S/ Kisha R. Morris-Perkins, City Secretary

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