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HomeMy WebLinkAboutResolution No. 2026-061CITY OF THE COLONY, TEXAS RESOLUTION NO. 2026 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, ACCEPTING A PRELIMINARY SERVICE AND ASSESSMENT PLAN FOR THE CITY OF THE COLONY PUBLIC IMPROVEMENT DISTRICT NO. 1, INCLUDING A DETERMINATION OF COST, A SERVICE PLAN, AN ASSESSMENT PLAN, AND AN ASSESSMENT ROLL; ORDERING A PUBLIC HEARING FOR TUESDAY, SEPTEMBER 15, 2026, TO CONSIDER AN ORDINANCE LEVYING SPECIAL ASSESSMENTS AGAINST PROPERTIES WITHIN THE CITY OF THE COLONY PUBLIC IMPROVEMENT DISTRICT NO. 1 THAT ARE SPECIALLY BENEFITED BY THE PUBLIC IMPROVEMENTS AND SUPPLEMENTAL SERVICES BEING PROVIDED FOR FISCAL YEAR 2026-2027; AUTHORIZING AND DIRECTING THE PUBLICATION AND MAILING OF NOTICES FOR SAID PUBLIC HEARING; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Chapter 372 of the Texas Local Government Code, as amended, (the "Act") authorizes the City of The Colony, Texas (the "City"), to create a public improvement district within the corporate limits of the City; and WHEREAS, on Monday, September 17, 2012, there was presented to the City a petition seeking the authorization to establish a public improvement district within the City pursuant to the Act; and WHEREAS, on Tuesday, September 18, 2012, the City Council for the City approved Resolution No. 2012-067, ordering a public hearing for October 8, 2012, to consider a resolution creating the City of The Colony Public Improvement No. 1 (the "District"); and WHEREAS, on Tuesday, October 8, 2012, the City Council for the City approved Resolution No. 2012-073, creating the District; and WHEREAS, on September 1, 2026, the City Council proposes to accept the City of The Colony Public Improvement District No. 1, Preliminary 2026-2027 Annual Seivice and Assessment Plan, dated September 1, 2026, for properties within the District, that includes: (i) a determination of the cost of the public improvements and supplemental services being provided for the special benefit of certain property within District; (ii) a service plan; (iii) an assessment plan; and (iv) an assessment roll (collectively, the "Preliminary 2026-2027 Annual SAP"), substantially in the form attached hereto as Exhibit A; and WHEREAS, the City Council proposes a public hearing for Tuesday, September 15, 2026, to consider an ordinance levying assessments against certain property within the District to pay for the public improvements and supplemental services that will confer a special benefit on such property as described and identified in the Preliminary 2026-2027 Annual SAP; and WHEREAS, the City Council authorizes and directs the City Secretary to publish and mail notices of said public hearing in accordance with the Act. 1775.016\1 103405.2 NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, THAT: SECTION 1. The findings set forth in the recitals of this Resolution are hereby found to be true and correct and are hereby adopted as findings of the City Council and are incorporated into the body of this Resolution as if fully set forth herein. SECTION 2. The City Council of the City of The Colony, Texas, hereby accepts the "City of The Colony Public Improvement District No. 1 Preliminary Annual Service and Assessment Plan Update for Assessment Year October 1, 2026 to September 30, 2027," dated September 1, 2026 (the "2026 Prelimina SAP Update"), including the proposed assessment roll (the "2026 Proposed Assessment Roll"), for the District, a copy of which is attached hereto as Exhibit A and is incorporated herein for all purposes. All capitalized terms not otherwise defined in this Resolution shall have the meanings given to such terms in the 2026 Preliminary SAP Update. SECTION 3. The City Council hereby determines that the estimated costs of the 2026-27 Additional Facility Public Improvements Costs and the 2026-27 Related Development Public Improvements Costs to be financed are as set forth in Section 3.6 of the 2026 Preliminary SAP Update. The City Council's final determination and approval of such costs shall be subject to and contingent upon the City Council's approval of a final SAP Update, including a final Assessment Roll, after the properly noticed and held Assessment Hearing (defined below). SECTION 4. The City Council of the City of The Colony, Texas, hereby orders a public hearing (the "Assessment Hearing") to be held on Tuesday, September 15, 2026, at or after 6:30 p.m., at City Hall, located at 6053 Main Street, The Colony, Texas, for the purpose of hearing public testimony concerning the levy of special assessments in the aggregate amount of $988,616.89 against the property within the District as shown on the 2026 Proposed Assessment Roll to pay for public improvements and enhanced services that will confer a special benefit on the properties located within the District. At the Assessment Hearing, the City Council will hear testimony regarding the adoption of an ordinance levying special assessments against the properties in accordance with Section 372.017 of the Act. SECTION 5. The City Council hereby authorizes and directs the City Secretary to: (1) immediately file the 2026 Proposed Assessment Roll and make the same available for public inspection at City Hall located at 6053 Main Street, The Colony, Texas, during regular business hours, (2) publish notice of the Assessment Hearing in substantially the form attached hereto as Exhibit B and incorporated herein for all purposes, in a newspaper of general circulation in the City and mail , on or before September 3, 2026 as required by Section 372.016(b) of the Act, and (3) mail notice of the Assessment Hearing in substantially the form attached hereto as Exhibit B to the owners of property liable for the proposed assessments shown on the 2026 Proposed Assessment Roll as required by Section 372.016(c) of the Act. SECTION 6. If any section, article paragraph, sentence, clause, phrase or word in this Resolution, or application thereto any persons or circumstances is held invalid or unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of the remaining portions of this Resolution; and the City Council hereby declares it would have passed such remaining portions of this Resolution despite such invalidity, which remaining portions shall remain in full force and effect. SECTION 7. This Resolution shall become effective from and after its date of passage in accordance with law. 1775.016\1103405.2 PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS, THIS THE Ist DAY OF SEPTEMBER 2026. Richard Boyer, May ATTEST: O ?"=•�N hU r a".= Tina Stewart, TRMC, CMC, City Secretary ........ APPROVED AS TO FORM: Jeffrey L. Moo>p, City Attorney 1775.016\1103405.2 ExhibitA City of The Colony Public Improvement District No. 1, Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2026 to September 30, 2027) 1775.016\1103405.2 Exhibit B CITY OF THE COLONY, TEXAS NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN THAT a public hearing will be conducted by the City Council of the City of The Colony, Texas on September 15, 2026, at or after 6:30 p.m. at the City Council Chambers in City Hall located at 6053 Main Street, The Colony, Texas. The public hearing will be held to consider proposed assessments to be levied against the assessable property within the City of The Colony, Texas, Public Improvement District No. 1 (the "District") pursuant to the provisions of Chapter 372 of the Texas Local Government Code, as amended. The proposed authorized improvements to be undertaken at this time for the benefit of the District include, but are not limited to: (i) water, wastewater, and drainage facilities or improvements, including sanitary sewer facilities, storm water detention and retention facilities, and utility relocations related to such improvements; (ii) street and roadway improvements, including related traffic signalization, signage, sidewalks, curbs, gutters, streetscape, landscaping, drainage improvements, and utility relocations related to such street and roadway improvements; (iii) mass transit facilities; (iv) park improvements, (v) landscaping; (vi) lighting and signage; (vii) pedestrian malls; (viii) site improvements for any of the foregoing, including, but not limited to, grading, erosion control, wetlands mitigation, and floodplain reclamation (viii) special supplemental services for improvement and promotion of the District, including services relating to advertising promotion, health and sanitation, water and wastewater, public safety, security, business recruitment, development, recreation, and cultural enhancement, (ix) payment of expenses incurred in the administration and operation of the District, and (x) 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. The total estimated costs of the authorized improvements to be financed are approximately $988,616.89. The boundaries of the District include approximately 439.20 contiguous acres within the corporate limits of the City of The Colony, Texas, south of and adjacent to the Sam Rayburn Tollway (State Highway 121), north of adjacent to Plano Parkway, and west of the Burlington Northern Railroad, as more particularly described by a metes and bounds description available at City Hall located at 6053 Main Street, The Colony, Texas. All written or oral objections on the proposed assessments within the District will be considered at the public hearing. A copy of the proposed 2026 Proposed Assessment Roll, which includes the assessments proposed to be levied against certain property within the District that will benefit from the authorized improvements is available for public inspection during regular business hours at the office of the City Secretary at City Hall located at 6053 Main Street, The Colony, Texas. 1775.016\1103405.2 City of The Colony Public Improvement District No. 1 Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2026 to September 30, 2027) Approved by City Council on September 1, 2026 1775.016\1103359.4 SECTION 1 INTRODUCTION Unless otherwise defined, all capitalized terms used in this "City of The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update (Assessment Year October 1, 2026 to September 30, 2027)" (this "SAP Update") shall have the meanings set forth in that certain City of The Colony Public Improvement District No. I Service and Assessment Plan, originally approved on February 7, 2013, recorded in the real property records of Denton County, Texas as Instrument No. 2013-20487 (the "Original Service and Assessment Plan"), and as most recently amended, restated, and consolidated on January 19, 2021 by Ordinance No. 2021-2430 adopted by the City Council approving that certain City of The Colony Public Improvement District No. I Amended and Restated Service and Assessment Plan (the "Amended and Restated Service and Assessment Plan," and together with the Original Service and Assessment Plan and each annual service and assessment plan update approved by the City, referred to collectively as the "Service and Assessment Plan"). Unless otherwise defined, all references to "Section" mean a section of this SAP Update, and all references to "Exhibit" mean an exhibit to this SAP Update. 1.1 On October 8, 2012, the City Council of the City of The Colony, Texas (the "Ci1y Council" and the "City"} passed and approved Resolution No. 2012-073 creating The Colony Public Improvement District No. 1 (the "District") pursuant to Chapter 372, Texas Local Government Code, as amended (the "Act"). The District includes within its boundaries approximately 439.12 contiguous acres located within the corporate limits of the City south of and adjacent to the Sam Rayburn Tollway (State Highway 121), north of and adjacent to Plano Parkway, and west of Spring Creek Parkway which property is described by metes and bounds on Exhibit A and depicted on Exhibit A-1 (the "Pro e "). 1.2 The Act governs the process by which the Public Improvements Cost is allocated to and assessed against the Property. This process requires the preparation of an ongoing service plan (a "Service Plan"), an assessment plan (an "Assessment Plan"), and an assessment roll (an "Assessment Roll"). 1.3 The Act requires the preparation, and the presentment to, and review and approval by, the City Council, of a Service Plan that must: (1) cover a period of at least five years; (2) define the annual indebtedness and projected costs of the Public Improvements; and (3) include a copy of the notice form required by Section 5.014 of the Texas Property Code, as amended. The Service Plan must be reviewed and updated at least annually to determine the annual budget for the Public Improvements. The City Council may approve the Service Plan only by Ordinance; and, upon approval, a copy of the Service Plan must be filed with the County Clerk of Denton County, Texas, the County in which all of the District is located, not later than the seventh (71h) day after the date of such approval. The Service Plan is contained in Section 4. 1.4 The Act requires the Service Plan to include an Assessment Plan. The Assessment Plan assesses the Public Improvements Cost against the Property on the basis of the special benefits conferred upon the Property by the Public Improvements. The Public Improvements Cost may be assessed in any manner that results in imposing equal shares of the cost on Parcels similarly benefited. The special benefit of the Public Improvements is being apportioned by this Service and Assessment Plan to the Property in the amount of the Public Improvements Cost. The Assessment Plan is contained in Section 5. The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 2 1775.016\1103334.4 1.5 The Act also requires the City Council to review and update the Service Plan annually for the purpose of determining the annual budget for the Public Improvements. The annual budget for the Public Improvements is contained in Section 6. The Act states that the Service Plan may be amended or updated only by Ordinance. Upon approval of an amendment or update of the Service Plan, including the notice form required by Section 5.014 of the Texas Property Code, as amended, the City Council shall file a copy of the amended or updated Service Plan with the County Clerk of Denton County, Texas, the County in which all of the District is located, not later than the seventh (71h) day after the date of such approval. 1.6 The Act requires the preparation of an Assessment Roll after the total Public Improvements Cost has been determined. The Assessment Roll must state the assessment against each Parcel determined by the method of assessment chosen by the City Council in the Assessment Plan. The assessment against a Parcel roust be sufficient to pay the share of the Public Improvements Cost allocated to the Parcel and cannot exceed the special benefit conferred upon the Parcel. The Assessment Roll is contained in Section 7. 1.7 A summary of the chronological history of City Council actions for the District is attached as Exhibit F. SECTION 2 2013 FACILITY PUBLIC IMPROVEMENTS 2.1 The Assessment Roll attached as Exhibit E identifies the "FaciliIx Property" by legal description and tax parcel identification number assigned by the Denton Central Appraisal District ("Denton CAD"). The Facility Property is the portion of the Property developed with a mixed-use facility which includes approximately 1,280,000 square feet for warehouse and distribution uses, approximately 25,000 square feet for a regional corporate headquarters, approximately 546,400 square feet for retail sales to the general public and surface and structured parking (collectively, the "Facili "). The development of the Facility Property required construction of the 2013 Public Improvements that specially benefit the Facility Property. 2.2. In connection with the 2013 Project Infrastructure Bonds to finance a portion of the costs of the 2013 Public Improvements, the City approved the Original Service and Assessment Plan for the District by adopting the 2013 Assessment Ordinance on February 7, 2013. The 2013 Assessment Ordinance levied an Assessment in the amount of $83,400,000.00 (the "2013 Facility Public Im rovement Assessment") against the Facility Property for the portion of the 2013 Public Improvements Cost that the City Council determined conferred a special benefit on the Facility Property. As authorized by the Act, the 2013 Assessment Ordinance deferred the assessment of the remainder of the 2013 Public Improvements Cost in the amount of $11,400,000.00 for the portion of the 2013 Public Improvements that specially benefit the Related Development Property (the "2013 Related Development Deferred Assessment") until the portion of the Related Development Property that is specially benefited by the 2013 Public Improvements could be identified. The 2013 Assessment Ordinance also deferred the assessment of the Related Development Public Improvements Cost against the Related Development Property until the portion(s) of the Related Development Property that are specially benefited by the Related Development Public Improvements could be identified. As described below, the City has levied and intends to continue levying Additional Facility Assessments against the Facility Property for costs of Additional Facility Public Improvements (that do not include the 2013 Public The Colony Public Improvement District No, 1 Annual Service and Assessment Plan Update - Page 3 1775.016\1103359.4 Improvements) and has levied and intends to continue levying Assessments against the Related Development Property for a portion of the costs of the Related Development Public Improvements (that do not include the 2013 Public Improvements). 2.3 The 2013 Facility Public Improvements have been constructed by or on behalf of the Corporations using, in part, the net proceeds of the 2013 Project Infrastructure Bonds. The 2013 Facility Public Improvements fall into the following categories: (i) water, wastewater, and drainage facilities or improvements, including sanitary sewer facilities, storm water detention and retention facilities, and utility relocations related to such improvements; (ii) street and roadway improvements, including related traffic signalization, signage, sidewalks, curbs, gutters, streetscape, landscaping, drainage improvements, and utility relocations related to such street and roadway improvements; (iii) mass transit facilities; (iv) park improvements, (v) landscaping; (vi) lighting and signage; (vii) pedestrian malls; and (viii) site improvements for any of the foregoing, including, but not limited to, grading, erosion control, wetlands mitigation, and floodplain reclamation. The 2013 Public Improvements are more particularly described in the engineering report titled PUBLIC IMPROVEMENTS REPORT, The City of The Colony Public Improvement District No. 1, The Colony, Texas dated November 30, 2012, prepared by Graham Associates, Inc. (the "2013 Oficial Report"), a copy of which report is attached as Exhibit B to the Original Service and Assessment Plan. All 2013 Facility Public Improvements, and portions of the Property on which the 2013 Facility Public Improvements have been constructed, will remain owned by the City. 2.4 The 2013 Facility Public Improvement Assessment was pledged, on a pro -rata basis (based on the par amount of each series of 2013 Project Infrastructure Bonds issued as a percentage of the total par amount of all 2013 Project Infrastructure Bonds), as additional security for each series of 2013 Project Infrastructure Bonds in the event of a Debt Service Shortfall. Assessment Revenue generated from the 2013 Facility Public Improvement Assessment, if collected by the City in the event of Debt Service Shortfall, that is pledged to pay Debt Service Shortfall for any one series of the 2013 Project Infrastructure Bonds is not pledged to pay Debt Service Shortfalls for any other series of 2013 Project Infrastructure Bonds. In connection with each series of 2013 Project Infrastructure Bonds, each respective issuer of the 2013 Project Infrastructure Bonds entered into a reimbursement agreement relating to each respective series of 2013 Project Infrastructure Bonds (such agreements are referred to collectively as the "2013 Reimbursement Agreements"). On January 19, 2021, the City issued its 2021 LGC Tax Refunding Bonds that refunded all of the outstanding 2013 LGC Tax Bonds; and, the City entered into a 2021 LGC Tax Refunding Bonds Reimbursement Agreement relating to the 2021 LGC Tax Refunding Bonds. The 2021 LGC Tax Refunding Bonds Reimbursement Agreement pledged the portion of the 2013 Facility Public Improvement Assessments previously allocated to the 2013 LGC Tax Bonds to the 2021 LGC Tax Refunding Bonds and replaced the 2013 LGC Tax Bonds Reimbursement Agreement in its entirety. Public Improvement Bonds secured in whole or in part by Assessments levied against Property in the District as additional security in the event of a Debt Service Shortfall, including the 2013 Project Infrastructure Bonds (but excluding the 2013 LGC Tax Bonds which were refunded by the 2021 LGC Tax Refunding Bonds) and the 2021 LGC Tax Refunding Bonds, are referred to collectively as "Project Infrastructure Bonds." The 2013 Reimbursement Agreements together with the 2021 LGC Tax Bonds Reimbursement Agreement are referred to collectively as the "Reimbursement A reements." Assessment Revenue from the 2013 Facility Public Improvement Assessment levied against the Facility Property as additional security for any series The Colony Public Improvement District No. I Annual Service and Assessment Plan Update - Page 4 1775.016\1103389.4 of Project Infrastructure Bonds will be collected in the event of a Debt Service Shortfall in Semi - Annual Installments and deposited into the PID Operating Account as described below in Section 5_9 below. SECTION 3 ADDITIONAL FACILITY IMPROVEMENTS AND RELATED DEVELOPMENT IMPROVEMENTS 3.1 In addition to the 2013 Facility Public Improvement Assessment, the City has levied and will continue to levy Assessments (the "Additional Facilily Assessments") unrelated to Project Infrastructure Bonds or the 2013 Public Improvements against the Facility Property for "Additional Facility Public Improvements" that fall into the following categories: (i) water, wastewater, and drainage facilities or improvements, including sanitary sewer facilities, storm water detention and retention facilities, and utility relocations related to such improvements; (ii) street and roadway improvements, including related traffic signalization, signage, sidewalks, curbs, gutters, streetscape, landscaping, drainage improvements, and utility relocations related to such street and roadway improvements; (iii) mass transit facilities; (iv) park improvements, (v) landscaping; (vi) lighting and signage; (vii) pedestrian malls; (viii) site improvements for any of the foregoing, including, but not limited to, grading, erosion control, wetlands mitigation, and floodplain reclamation; (ix) special supplemental services for improvement and promotion of the District, including services relating to advertising, promotion, health and sanitation, water and wastewater, public safety, security, business recruitment, development, recreation, and cultural enhancement; and (x) payment of expenses incurred in the administration and operation of the District. The Additional Facility Public Improvements for which Assessments have been previously levied are more particularly described in the special benefits reports attached to each Annual Service Plan Update described and defined in Exhibit F and in this Section 3 of this SAP Update. The Additional Facility Assessments have not been and will not be pledged as security for any series of Project Infrastructure Bonds. The Creation Resolution establishes a cap on the amount of total costs for which Assessments may be levied against the Facility Property and in no event shall the total amount of Assessments levied against the Facility Property for the 2013 Public Improvements and the Additional Facility Public Improvements exceed $150,000,000. 3.2 As described above in Section 2.2, the City deferred the 2013 Related Development Deferred Assessment for the remainder of the 2013 Public Improvements Cost in the amount of $11,400,000.00 for the portion of the 2013 Public Improvements that specially benefit the Related Development Property until the portion of the Related Development Property that is specially benefited by the 2013 Public Improvements could be identified. The City has levied, and intends to continue levying, additional Assessments against the Related Development Property for the remaining Related Development Public Improvements Cost (that do not include the 2013 Public Improvements) as portions of the Related Development Property that are specially benefited by the Related Development Public Improvements are developed. The costs of certain Related Development Public Improvements and the method of allocation of such costs based on the benefit conferred by such Related Development Public Improvements are included in this SAP Update; and, additional information for the Related Development Public Improvements will be included in future updates to the Service and Assessment plan as development progresses. The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 5 1775.016\1103389.4 3.3 The Related Development Public Improvements fall into the same categories as the 2013 Facility Public Improvements plus: (i) off street structured and surface parking facilities, (ii) special supplemental services for improvement and promotion of the District, including services relating to advertising, promotion, health and sanitation, water and wastewater, public safety, security, business recruitment, development, recreation, and cultural enhancement; and (iii) payment of expenses incurred in the administration and operation of the District. 3.4 Portions of the Related Development Property remain undeveloped,. while other portions are under development or fully developed. Portions of the Property will be developed with additional mixed-use facilities including, but not limited to, entertainment, tourism, recreation, and convention facilities that will attract tourists, visitors, and shoppers from a wide geographic region, and hotels, retail stores, concessions, restaurants, and other facilities related to the entertainment, tourism, recreation, and convention uses (collectively, the "Related Develo ment"). The Assessment Roll attached as Exhibit E identifies the "Related Development Proe " by legal description and DCAD tax parcel identification number. Certain public improvements (the "Related Development Public Improvements") are or will be required to serve the Related Development Property. The Assessment Roll attached as Exhibit E also identifies the "Waterfront Pro e " that is the portion of the Property developed with a boardwalk and related amenities (the "Waterfront"), including public improvements required to serve the Waterfront (the "Waterfront Public Improvements", and together with the Related Development Public Improvements referred to collectively as the "Annual Related Development Public improvements"). 3.5 All Additional Facility Public Improvements and Annual Related Development Public Improvements, and portions of the Property on which such Additional Facility Public Improvements and Annual Related Development Improvements are constructed, will remain owned by the City. 3.6 The annual costs for the Additional Facility Public Improvements, Waterfront Public Improvements and Related Development Public Improvements are estimated in the Official Report for the 2026-27 Public Improvements Cost attached as Exhibit B. The total cost of the Additional Facility Public Improvements is estimated to be $593,849.52 (the "2026-27 Additional Facility Public Improvements Cost") as shown on Exhibit B. The annual total cost of the Waterfront Public Improvements is estimated to be $41,049.49 (the "2026-27 Waterfront Public IMProvements Cost") as shown on Exhibit B. The annual total cost of the Related Development Public Improvements is estimated to be $441,388.84 (the "2026-27 Related Develo m mt Public Improvements Cost") as shown on Exhibit B. The individual line item costs shown in the Official Report for each category of Additional Facility Public Improvements and Annual Related Development Public Improvements are estimates and may vary item -to -item so long as the cost of all Public Improvements does not exceed $1,076,287.84. The 2026-27 Additional Facility Public Improvements Cost, 2026-27 Waterfront Public Improvements Cost, and 2026-27 Related Development Public Improvements Cost are sometimes referred to collectively as the "2026-27 Public Improvements Cost." A reconciliation of the 2025-26 Public Improvement Costs yielded a $366,197.00 surplus. To provide operations fiinding during the lag period between the budget commencement and the annual assessment collection, $265,386.04 (90 days of operating costs) was allocated to a "Pre -paid Expense" line item. An additional $13,140.00 is added to the total assessment to recover costs from parcel -specific services (Direct 5u Iemental Services") as described in Exhibit D. The total sum of the 2026-27 Public Improvements Cost ($1,076,287.84), The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 6 1775.016\1 103389.4 the 90 days of operating costs reserve ($265,386.04), and the parcel specific Direct Supplemental Services ($13,140.00) brings the overall 2026-27 costs to $1,354,813.89. The 2025-26 surplus of $366,197.00 was allocated proportionately to reduce the 2026-27 Assessment from $1,354,813.89 to $988,616.89. 3.7 Assessments levied against the Facility Property, Related Development Property, or Waterfront Property for costs of the Additional Facility Public Improvements and Annual Related Development Public Improvements, as applicable, that are not pledged as security for Project Infrastructure Bonds shall be updated annually and shall be collected as described below in Section 5.14 and shall be deposited into a sub -account of the PID Operating Account and used solely for the purposes determined by the City Council at the time the Assessments are levied. SECTION 4 SERVICE PLAN 4.1 This Section 4 is the Service Plan for the District. This Service Plan covers a period of at least five (5) years beginning with calendar year 2026 and defines the projected cost and annual indebtedness for the Public Improvements. The Service Plan shall be reviewed and updated at least annually for the purpose of determining the annual budget for the Public Improvements (each update, a "Service Plan Update"). 4.2 As confirmed by the 2021 City Ordinance, the actual costs for the 2013 Public Improvements exceeded the estimated 2013 Public Improvements Cost of $94,800,000.00 described in the Original Service and Assessment Plan, the 2013 Official Report, and 2013 Special Benefit Report. The annual indebtedness for the 2013 Public Improvements for the next five years is shown on Exhibit C-1. The annual indebtedness for the 2013 Public Improvements Cost in any given year is the sum of the Semi -Annual Installments for the Project Infrastructure Bonds for the year. 4.3 The projected Additional Facility Public Improvements Cost is $593,849.52, and for the next five years is allocated as shown on Exhibit C-2. The annual indebtedness for the Additional Facility Public Improvements shown on Exhibit C-2 is a portion of the Additional Facility Assessment the City has levied or expects to levy against the Facility Property for each year shown. The Additional Facility Assessment will also include costs related to the 90 days of operating reserve apportioned to the Facility Property as well as any Direct Supplemental Services apportioned to the Facility Property and will be adjusted by application of a portion of any prior year's surplus or deficit; all of which will be described in Exhibit D and will be updated each year. 4.4 The projected costs for the Annual Related Development Public Improvements are $4,82,438.32 and for the next five years such cost is allocated as shown on Exhibit C-3. The annual indebtedness for the Annual Related Development Public Improvements is a portion of the Assessments the City has levied or expects to levy against the Waterfront Property and Related Development Property for each year shown. The Assessments levied against the Waterfront Property and Related Development Property will also include costs related to the 90 days of operating reserve apportioned to the Waterfront Property and Related Development Property as well as any Direct Supplemental Services apportioned to the Waterfront Property and Related Development Property and will be adjusted by application of a portion of any prior year's surplus or deficit which will be described in Exhibit D and will be updated each year. The Colony Public Improvement District No. I Annual Service and Assessment Plan Update - Page 7 1775.016\1103389.4 4.5 The form of notice required by Texas Property Code Section 5.014, as amended, is attached as Exhibit C-4. SECTION 5 ASSESSMENT PLAN 5.1 Method of Assessment. This Section 5 is the Assessment Plan for the District. This Assessment Plan assesses the Public Improvements Cost against the Property on the basis of the special benefits conferred on the Property by the Public Improvements. The Act provides that the Public Improvements Cost may be assessed equally per front foot or square foot (with or without regard to the value of improvements constructed on the land) or in any other manner that results in imposing equal shares of the cost on property similarly benefited. 5.2 Best and Highest Use. Based on: (i) the size and location of the Property within the corporate limits of the City; (ii) the lack of public infrastructure to serve development of the Property; (iii) the proximity of the Property to public roadways and water and sewer facilities; (iv) the proximity of the Property to population and employment centers; (v) the scope and economic impact of the Facility, the Waterfront and the Related Development on the City, Denton County; and the north Texas region; (vi) existing and projected land uses in the vicinity of the Property; (vii) projected growth in the greater Dallas metropolitan area and, in particular, along the State Highway 121 corridor; and (viii) the quality of the proposed development within the Property, the City Council has determined that: (A) the best and highest use of the Property is for the development of the Facility, the Waterfront, and the Related Development; (B) achieving the best and highest use of the Property requires the Public Improvements; (C) without the Public Improvements the Property will not be developed to its best and highest use; (D) the establishment of the District provides an effective means of funding the Public Improvements to achieve the best and highest use for the Property without financial burden to the City; and (E) the Public Improvements will promote the interests of the City and confer a special benefit on the Property. 5.3 Assessments Against Facility Property-. As described in Section 2.2 above, the City has levied the 2013 Facility Public Improvement Assessment in the amount of $83,400,000.00 against the Facility Property for the portion of the 2013 Public Improvements Cost that the City Council determined conferred a special benefit on the Facility Property. Based on the costs shown in the Ojf tial Report for the 2026-27 Public Improvements attached as Exhibit B and the Special Benefits Report attached as Exhibit D, the City has levied $558,051.73 in Assessments against the Facility Property as shown on the Assessment Roll attached as Exhibit E which consists of $593,849.52 for the 2026-27 Additional Facility Public Improvements Costs plus $94,948.88 or approximately 35.78% of the 90 days of operating costs plus $270 in specific Direct Supplemental Services minus $131,016.67 or approximately 35.78% of the 2025.26 surplus described in Section 3.6 above apportioned to the Facility Property based on the benefit analysis described in Exhibit D. As the Facility Property is specially benefitted by Additional Facility Improvements, the City intends to continue to levy Assessments against the Facility Property. The Creation Resolution establishes a cap on the total costs for which Assessments may be levied against the Facility Property and in no event shall the total amount of Assessments levied against the Facility Property for the 2013 Public Improvements and the Additional Facility Public Improvements exceed $150,000,000. As shown in Paragraphs I and 2 of Section 7 below, a total of $93,069,955.66 has been levied against the Facility Property, consisting of $83,400,000.00 for the 2013 Public Improvements and $9,669,955.66 for the Additional Facility Public Improvements. The Colony Public Improvement District No. I Annual Service and Assessment Plan Update - Page 8 1775.016\1103389.4 5.4 Assessments A gainst. Related Development Propeqy. As described in Section 2.2 above, the City deferred assessment of the remainder of the 2013 Public Improvements Cost in the amount of $11,400,000.00 for the portion of the 2013 Public Improvements that specially benefit the Related Development Property (the "2013 Related Development Deferred Assessment") until the portion of the Related Development Property (which included the Waterfront Property at the time of the deferral) that is specially benefited by the 2013 Public Improvements could be identified. The deferral of the levy of the 2013 Related Development Deferred Assessment in the amount of $11,400,000.00 under the 2013 Assessment Ordinance is hereby restated and shall be deferred until the development of the Property is certified as complete by the owner. Based on the costs shown in the Official Report for the 2026-27 Public Improvements attached as Exhibit B and the Special Benefits Report attached as Exhibit D, the City has levied Assessments in the amount of $36,080.65 (as shown on Exhibit E, the "2026 Waterfront Assessment") against the Waterfront Property consisting of $41,049.49 for the costs of 2026-27 Waterfront Public Improvements plus $14,502.08 or approximately 5.46% of the 90 days of operating costs plus $540 in specific Direct Supplemental Services minus $20,010.92 or approximately 5.46% of the 2026-27 surplus described in Section 3.6 above apportioned to the Waterfront Property based on the benefit analysis described in Exhibit D. Based on the costs shown in the Oficial Report for the 2026-27 Public Improvements attached as Exhibit B and the Special Benefits Report attached as Exhibit D, the City has levied Assessments in the amount of $394,484.50 (as shown on Exhibit E, the "2026 Related Development Assessment") against the Related Development Property consisting of $441,388.84 for the costs of 2026-27 Related Development Public Improvements plus $155,935.09 or approximately 58.76% of the 90 days of operating costs plus $12,330.00 in specific Direct Supplemental Services minus $215,169.42 or approximately 58.76% of the 2025-26 surplus described in Section 3.6 above apportioned to the Related Development Property based on the benefit analysis described in Exhibit D. As portions of the Waterfront Property that are specially benefited by the Waterfront Public Improvements are developed and as portions of the Related Development Property that are specially benefited by the Related Development Public Improvements are developed, the City intends to continue to levy additional Assessments against the Waterfront Property and the Related Development Property, as applicable, for the remaining Waterfront Pubic Improvements Costs and the Related Development Public Improvements Costs (and that do not include the 2013 Public Improvements) as described in Section 3.2 above. The Creation Resolution establishes a cap of $150,000,000 of the total costs for which Assessments may be levied for the "Related Improvements Costs (as defined in the Creation Resolution). As shown in Paragraph 3 of Section 7 below, a total of $6,696,330.57 has been levied for the Annual Related Development Public Improvements (consisting of the Waterfront Public Improvements and Related Development Public Improvements) which does NOT include the 2013 Related Development Deferred Assessment in the amount of $11,400,000.00. 5.5 Adjustment of Assessments. With the exception of the 2013 Facility Public Improvement Assessment, the Assessments described in this Section 5 are based on estimates of the Public Improvement Costs until construction of the Public Improvements, or provision of services if applicable, is complete. If the actual cost of the Public Improvements is less than the estimates, the Assessments shall be reduced as determined by the Administrator and approved by the City Council in a Service Plan Update. The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 9 1775,016\1103389.4 5.6 Subdivision,• Change to Tax Exem t. 5.6.1 Upon Subdivision. If the Facility Property is subdivided, any Assessment levied against the Facility Property shall be reallocated as described in Section 4.6.1 of the Service and Assessment Plan. Additionally, other than annual Assessments for the Annual Related Development Public Improvements that are not pledged as security to any series of PID bonds, any Assessment against Related Development Property will not be reallocated among subdivided Parcels until the development of the Related Development Property is certified as complete by the owner. If the Related Development Property or Waterfront Property is subdivided, the annual Assessment levied against Related Development Property or Waterfront Property under this SAP Update for the Annual Related Development Public Improvements will be reallocated among the subdivided Parcels on a per -acre basis as determined by the Administrator and reflected in a Service Plan Update approved by the City Council after a public hearing for which notice addressed to "Property Owner" has been mailed, regular mail, to the current address of the owner of the property being subdivided as reflected on the tax rolls. 5.6.2 Upon Becoming Tax Exempt. If any portion of the Facility Property becomes exempt from the payment of ad valorem taxes, the owner of such portion shall pay to the City the unpaid principal amount of the Assessment allocated (on a per -acre basis) to such portion of the Facility Property plus, if applicable, accrued interest through the date of payment. Prepayment Costs, if any, shall be paid as a Semi -Annual Administrative Cost. If any portion of the Related Development Property or Waterfront Property becomes exempt from the payment of ad valorem taxes, the owner of such portion shall pay to the City the unpaid principal amount of the Assessment allocated (on a per -acre basis) to such portion of the Property. 5.7 Pre a meet of Assessments. The unpaid principal amount of an Assessment may be prepaid in full or in part at any time, together with accrued interest, if any, through the date of prepayment; whereupon the Assessment and corresponding assessment lien automatically terminate and shall be reduced to zero in a Service Plan Update. Prepayment Costs, if any, may be paid by the Administrator from Semi -Annual Administrative Cost. 5.8 Accrual of Interest. Assessments shall not bear interest except for interest authorized by Section 372.018(a) of the Act. Assessments that are deferred may bear interest as approved by the City Council at the time the Assessments are levied. 5.9 Semi -Annual Installments of Assessments Related to Project Infrastructure Bonds. Assessments levied against the Facility Property and/or the Related Development Property and pledged as security to any series of Project Infrastructure Bonds, including the 2013 Facility Public Improvement Assessment securing the 2013 Project Infrastructure Bonds and 2021 LGC Tax Refunding Bonds, shall be due and payable to the City in Semi -Annual Installments as set forth in the applicable Reimbursement Agreement beginning on the date stated in the applicable Reimbursement Agreement and continuing every March 1 and September 1 thereafter and will be delinquent if not paid within three calendar days after it is due and payable. Semi -Annual Installments are not required to be level amounts and will vary depending on Semi -Annual District Expenses and the amounts, if any, of Debt Service Shortfalls. For so long as any Project Infrastructure Bonds remain outstanding, each of the Corporations, pursuant to a Reimbursement The Colony Public Improvement District No. l Annual Service and Assessment Plan Update - Page 10 1775,016\1 103339.4 Agreement, is required to calculate its respective Debt Service Shortfall amount for each bond issue based on the "Bond Debt Service" schedules attached as Exhibit E-1, and each Corporation shall certify such Debt Service Shortfall amount to the City no later than each February 1 or August 1, commencing August 1, 2013 (each a "Semi -Annual Calculation Date"). Upon notification of each Debt Service Shortfall amount due for each bond issue, the City shall calculate the amount of the Semi -Annual Installment and shall submit a bill to each property owner no later than each February 15 and August 15 (each a "Semi -Annual Billing Date"). The City will use all reasonable efforts to collect Semi -Annual Installments before they become delinquent. If a Semi - Annual Installment becomes delinquent, all remedies at law or under the Act shall be available to the City. If a Debt Service Shortfall is anticipated for more than one series of Project Infrastructure Bonds, a portion of the funds in the PID Operating Account shall be transferred on a pro -rata basis to separate sub -accounts corresponding to each issue of Project Infrastructure Bonds for which a Debt Service Shortfall is anticipated to occur; and, such amounts shall be paid by the City from such sub -accounts to each of the Corporations under the applicable Reimbursement Agreement to pay Debt Service Shortfalls for the applicable series of Project Infrastructure Bonds. As required under each respective Reimbursement Agreement, each Corporation calculated any anticipated Debt Service Shortfall based on the Bond Debt Service schedules no later than February 1, 2026 and August 1, 2026; and, each Corporation determined there would be no Debt Service Shortfall and no Semi -Annual Installments were required to be paid for calendar year 2026. 5.10 Annual Pa ment of Assessments Not Related to Project Infrastructure Bonds. Assessments levied against the Facility Property or the Related Development Property for costs of the Additional Facility Public Improvements or the Related Development Public Improvements that are not pledged as security for Project Infrastructure Bonds shall be updated annually and shall be collected by the City in the same manner and at the same time as ad valorem taxes in the amount shown on the Assessment Rolls attached to each Annual Service Plan Update. Such Assessments shall be due when billed and shall be delinquent if not paid prior to February 1 of the following year. Failure of a landowner to receive an invoice for such Assessment on the property tax bill shall not relieve the landowner of the responsibility for payment of the Assessment. Assessment Revenue collected by the City from Assessments levied against the Facility Property or the Related Development Property for Additional Facility Public Improvements and/or Related Development Public Improvements based on the special benefit conferred by such Additional Facility Public Improvements or the Related Development Public Improvements that is not pledged as security for any series of Project Infrastructure Bonds and shall be deposited into a sub -account of the PID Operating Account and used solely for the purposes determined by the City Council at the time the Assessments are levied. 5.11 PID Operating Account. Assessment Revenue from the collection of Semi -Annual Installments of an Assessment against the Facility Property and/or Related Development Property in connection with the issuance of a series of Project Infrastructure Bonds will be deposited by the City into the PID Operating Account, including sub -accounts corresponding to each issue of Project Infrastructure Bonds, as applicable, immediately upon receipt and will be transferred by the City to the respective Corporations, or to the applicable trustee(s) for the benefit of such Corporations, to pay Debt Service Shortfalls, if any, by September 5, 2013, and by each March 5 and September 5 thereafter for so long as Project Infrastructure Bonds are outstanding. Assessment Revenue from the collection of an Assessment against the Facility Property and/or Related Development Property unrelated to the issuance of a series of Project Infrastructure Bonds will be The Colony Public Improvement District No. I Annual Service and Assessment Plan Update - Page I I 1775.016\1103339.4 deposited by the City into the PID Operating Account, including sub -accounts as applicable, immediately upon receipt and shall be used solely for the purposes determined by the City Council at the time such Assessments were levied. Any Assessment Revenue due to the Corporations on any such date but collected by the City after the due date shall be transferred to the respective Corporations or applicable trustee(s) within two business days. Assessment Revenue from the collection of any Assessment against the Property will be deposited by the City into the PID Operating Account for Annual Assessments. Assessment Revenue from the 2026 Related Development Assessment against all or any portion of the Property will be collected in lump sum within 30 days of the levy of the assessment or with the annual property tax collection and deposited into a segregated operating account (the "PID 00rating Account for Annual Assessments) created and controlled by the City. Interest earned on the PID Operating Account for Annual Assessments shall be added to and become part of the PID Operating Account for Annual Assessments. The PID Operating Account for Annual Assessments is a separate account and segregated from the "PID Operating Account" described in the Service and Assessment Plan that was created pursuant to the 2013 Assessment Ordinance (such account is referred to herein as the "PID )perating Account for Pledged Revenues.") All Assessment Revenue from the 2013 Facility Public Improvement Assessment and the 2013 Related Development Deferred Assessment levied pursuant to Ordinance No. 2013-1992 shall be deposited into the PID Operating Account for Pledged Revenues and transferred from that account, if at all, consistent with the requirements of 2013 Assessment Ordinance and the trust indentures governing the Project Infrastructure Bonds. All Assessment Revenue from any Assessment levied on an annual basis shall be deposited into the PID Operating Account for Annual Assessments and used solely for the purposes determined by the City Council at the time the Assessments are levied. 5.12 Reduction of Assessment Against the Property. The Assessment against the Facility Property (and the corresponding assessment lien) shall be reduced by the sum of all amounts by which the outstanding principal of the Project Infrastructure Bonds for which the PID Operating Account is pledged, as additional security, are reduced and by sum of all prepayments of the Assessment made pursuant to Section 5.7. The current outstanding principal amount of the Assessments levied against the Facility Property based on the debt service schedules related to the Project Infrastructure Bonds attached as Exhibit E-1 is set forth in Section 7 below. The Assessment against the Property (and the corresponding assessment lien) shall be reduced by the sum of all amounts by which the Public Improvement Costs are reduced. 5.13 Security for Payment. All payments due in accordance with the Service and Assessment Plan as updated by this SAP Update shall be treated the same with respect to the liens created to secure payment and the rights of the City, including foreclosure, in the event of delinquencies. Any foreclosure sale of a Parcel for nonpayment of any such amounts shall be subject to a continuing lien for the remaining unpaid amounts in accordance with state law. All assessment liens created pursuant to the 2013 Assessment Ordinance are superior to any lien created by any other ordinance approving an Annual Service Plan Update, including this SAP Update. 5.14 Release of Lien. When an Assessment has been paid in full, the Administrator shall notify the City, and the City shall execute a release, in recordable form, evidencing full payment of the Assessment and the unconditional release of the lien securing payment of the Assessment. All releases shall be reflected in a Service Plan Update. The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 12 1775.016\1103359.4 5.15 Findings and Determinations. The findings and determinations by the City Council set forth in this Service and Assessment Plan are based on: (i) the 2013 Official Report prepared by Graham Associates, Inc.; (ii) the 2013 Special Benefit Report prepared by Graham Associates, Inc.; (iii) evidence and testimony presented to the City Council; and (iv) information made available to the City Council. The City Council hereby confirms and ratifies the findings and determinations made by the City Council in each of the Assessment Ordinances described and defined in Exhibit F, including the special benefits reports and annual service plan updates attached thereto. The City Council has relied on the information contained in the 2013 Official Report, 2013 Special Benefit Report, the reports and special benefit analysis contained in each Annual Service Plan Update, evidence, and testimony in the preparation and approval of this Service and Assessment Plan and the allocation of the Public Improvements Cost to the Property. Such findings and determinations represent the discretionary exercise by the City Council of its legislative and governmental authority and power, and such findings and determinations are conclusive and binding on the current and future owners of the Property. The Corporations have concurred in and approved the findings and determinations by the City Council as set forth in this Service and Assessment Plan and have otherwise concurred in and approved this Service and Assessment Plan and the levy of Assessments against the Property. The Corporations have acknowledged that the Property is subject to payment of Assessments and/or Semi -Annual Installments as provided in this Service and Assessment Plan and in the Reimbursement Agreements. SECTION 6 ANNUAL BUDGET FOR PUBLIC IMPROVEMENTS 6.1 2013 Public Improvements Costs. On January 19, 2021, the City approved Ordinance No. 2021-2430 (the "2021 City Ordinance"), approving the Amended and Restated Service and Assessment Plan and making certain finding and determinations related to the District. In the 2021 City Ordinance, the City Council ratified and confirmed the allocation of the 2013 Public Improvements Cost approved by the 2013 Assessment Ordinance and Original Service and Assessment Plan as follows. (1) $83,400,000 for the special benefit to the Facility Property for which the 2013 Facility Public Improvement Assessment was levied, and (2) $11,400,000.00 for the benefit to the Related Development Property for which the 2013 Related Development Deferred Assessment has been deferred. Additionally, the 2021 City Ordinance confirmed that the actual costs for the 2013 Public Improvements exceeded the estimated 2013 Public Improvements Cost of $94,800,000.00 described in the Original Service and Assessment Plan, the 2013 Official Report, and 2013 Special Benefit Report. 6.2 2026 Public Improvements Cost. The City Council has received, reviewed, and approved that certain SPECIAL BENEFITS REPORT, The City of The Colony Public Improvement District No. 1, The Colony, Texas, dated September 1, 2026, prepared by Executive Business Liaison Jeremie Maurina, a copy of which is attached as Exhibit D (the "2025-27 Special Benefits Report"). The individual line item costs shown in the 2026-2027 Special Benefits Report for each category of improvements are estimates and may vary item -to -item so long as the Public Improvements Cost does not exceed $1,076,287.84 (which does not include the $265,386.04 for 90 days of operating costs plus $13,140 for Direct Supplemental Services minus the 2025-26 surplus in the amount of $366,197). The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 13 1775.016\1 103339.4 SECTION 7 ASSESSMENT ROLL This Section 7 describes the Assessment Roll for the District. The Assessment Roll is set forth on Exhibit E and consists of: 1. The 2013 Facility Public Improvement Assessment originally levied in principal amount of $83,400,000.00 by the 2013 Assessment Ordinance has an outstanding principal amount of $68,190,642.53 as of December 31, 2026. The 2013 Facility Public Improvement Assessment is allocated as follows among the Project Infrastructure Bonds: Outstanding Allocated Portion of Principal Amount of Original 2013 2013 Facility Public Facility Public Improvement Improvement Assessment as of Pro -Rata ShareM Assessment 12/31/2026 2013 LGC Sales Tax Bonds 16.80% $14,011,200 $ 12,135,685.04 (2) 2021 LGC Tax Refunding Bonds(') 20.60% $17,180,400(3) $ 11,427,188.93 (2) 2013 Type A Bonds 31.30% $26,104,200 $ 22,313,884.28 (2) 2013 Type B Bonds 31.30% $26,104,200 $ 22,313,884.28 (2) (1) Pro -rata allocation of the original principal amount of the $83,400,000 2013 Facility Public Improvement Assessment was based on the par amount of each series of 2013 Project Infrastructure Bonds issued as a percentage of the total par amount of all 2013 Project Infrastructure Bonds. (2) In accordance with Section 5.12 above, the principal amount of the 2013 Facility Public Improvement Assessment was reduced by the sum of all amounts by which the outstanding principal amount of the 2013 Project Infrastructure Bonds have been reduced. As of December 31, 2026, the outstanding par amount of the 2013 Project Infrastructure Bonds (with the 2021 LGC Tax Refunding Bonds) will be $77,300,000 thus reducing the outstanding 2013 Facility Public Improvement Assessment to $68,190,642.53. The following Semi -Annual Installments have been collected to pay Debt Service Shortfalls on the 2013 LGC Sales Tax Bonds: on February 14, 2017 in the amount of $500,081.25; on July 17, 2017 in the amount of $1,158,162.50; on July 16, 2018 in the amount of $1,294,662.50; and on July 25, 2019 in the amount of $1,306,963.00 for a total of $4,259,869.25 which payments do not reduce the principal amount of the 2013 Facility Public Improvement Assessment. 13> The pro -rata share of the 2013 Facility Public Improvement Assessment that formerly secured the 2013 LGC Tax Bonds now secures the 2021 LGC Tax Refunding Bonds. [Remainder of page left blank intentionally.] The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 14 1775.016\1103389.4 2. Assessments related to the Additional Facility Public Improvements: Original Principal Amount Outstanding as of Levied 10/1/2026 2015 Facility Assessment(') $959,247.96 $0.00 2015-16 Facility Assessment (2) $1,218,234.83 $0.00 2016 Facility Assessment $875,155.64 $0.00 2017 Facility Assessment $658,465.00 $0.00 2018 Facility Assessment $810,379.62 $0.00 2019 Facility Assessment $570,667.99 $0.00 2020 Facility Assessment $862,382.25 $0.00 2021 Facility Assessment $5351879.94 $0.00 2022 Facility Assessment $731,985.36 $0.00 2023 Facility Assessment $691,853.18 $0.00 2024 Facility Assessment $613,682.54 $0.00 2025 Facility Assessment $583,969.62 $0.00 2026 Facility Assessment $558,051.73 $558,051.73 TOTAL: $9,669,955.66 (1) Levied under Ordinance No. 2015-2136 approved on May 5, 2015. (Z) Levied under Ordinance No. 2015-2160 approved on September 15, 2015. 3. Assessments related to the Annual Related Development Public Improvements:) Original Principal Amount Outstanding as of Levied 10/1/2026 2015 Related Development Assessment (1) $420,053.04 $0.00 2015-16 Related Development Assessment (2) $236,757.17 $0.00 2016 Related Development Assessment $287,680.36 $0.00 2017 Related Development Assessment $872,993.00 $0.00 2018 Related Development Assessment $687,426.36 EE $0.00 - 2019 Related Development Assessment $490,441.03 $0.00 2020 Related Development Assessment $810,043.90 $0.00 2021 Related Development Assessment $366,446.95 $0.00 2022 Related Development Assessment $572,445.40 $0.00 2023 Related Development Assessment $643,597.28 $0.00 I Includes the Assessments levied against the Waterfront Property and the Related Development Property. Excludes the 2013 Related Development Deferred Assessment. The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 15 1775.016\1103359.4 As authorized by the Act, the assessment of the 2013 Related Development Deferred Assessment in the amount of $11,400,000 for the portion of the 2013 Facility Public Improvements that benefit the Related Development Property remains deferred until the development of the Related Development Property is certified as complete by the owner which will be the time at which the special benefit conferred on the Related Development Property can be determined with certainty. SECTION 8 ADDITIONAL PROVISIONS 8.1 Severability. The provisions of this Service and Assessment Plan are intended to be severable. In the event any provision of this Service and Assessment Plan, or the application thereof to any person or circumstance, is held or determined to be invalid, illegal, or unenforceable, and if such invalidity, unenforceability, or illegality does not cause substantial deviation from the underlying intent of the City Council as expressed in this Service and Assessment Plan, then such provision shall be deemed severed from this Service and Assessment Plan with respect to such person, entity, or circumstance without invalidating the remainder of this Service and Assessment Plan or the application of such provision to other persons, entities, or circumstances. 8.2 Exhibits. The following exhibits are part of this Service and Assessment Plan: Exhibit A: Original Principal Amount Outstanding as of Depiction of the Property Levied 10/1/2026 2024 Related Development Assessment $486,578.04 $0.00 2025 Related Development Assessment $391,302.89 $0.00 2026 Related Development Assessment $430,565.15 $430,565.15 TOTAL: $6,696,330.57 (1) Levied under Ordinance No. 2015-2136 approved on May 5, 2015. 12> Levied under Ordinance No. 2015-2160 approved on September 15, 2015. As authorized by the Act, the assessment of the 2013 Related Development Deferred Assessment in the amount of $11,400,000 for the portion of the 2013 Facility Public Improvements that benefit the Related Development Property remains deferred until the development of the Related Development Property is certified as complete by the owner which will be the time at which the special benefit conferred on the Related Development Property can be determined with certainty. SECTION 8 ADDITIONAL PROVISIONS 8.1 Severability. The provisions of this Service and Assessment Plan are intended to be severable. In the event any provision of this Service and Assessment Plan, or the application thereof to any person or circumstance, is held or determined to be invalid, illegal, or unenforceable, and if such invalidity, unenforceability, or illegality does not cause substantial deviation from the underlying intent of the City Council as expressed in this Service and Assessment Plan, then such provision shall be deemed severed from this Service and Assessment Plan with respect to such person, entity, or circumstance without invalidating the remainder of this Service and Assessment Plan or the application of such provision to other persons, entities, or circumstances. 8.2 Exhibits. The following exhibits are part of this Service and Assessment Plan: Exhibit A: Legal Description of the Property Exhibit A-1: Depiction of the Property Exhibit B: Official Report - 2026-27 Public Improvements Cost Exhibit C-1: Service Plan: Five -Year Projection of Annual Indebtedness Related to 2013 Facility Public Improvements Exhibit C-2: Service Plan: Five -Year Projection of Annual Indebtedness Related to Additional Facility Public Improvements Service Plan: Five -Year Projection of Annual Indebtedness Related to Exhibit C-3: Annual Related Development Public Improvements Exhibit C-4: Form of Notice Required by Texas Property Code Section 5.014 Exhibit D: Special Benefits Report Exhibit E: Assessment Roll Exhibit E-1: Bond Debt Service Schedules for Calculating Debt Service Shortfall Exhibit F: Chronological History of City Council Legislative Actions for the District The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update - Page 16 1775.016\1103389.4 Exhibit A Le al Description of the Prp a 439.12 Acres Being, a 439.12 acre tract of land situated in the B.B.B & C.R.R. Survey, Abstract No. 173, B.B.B. & C. Survey, Abstract No. 174, Thomas A. West Survey, Abstract No. I344, and the M.D.T. Hallmark Survey, Abstract No. 570, Denton County, Texas, and being all of a tract of land conveyed by deed to 121 Acquisition Company, LLC., as recorded in Instrument No. 2011-114773, 2011-121444, and 2011-112195, deed Records, Denton County, Texas, and a portion of Plano Parkway and a portion of Burlington Northern Railroad tract, and being more particularly described as follows: BEGINNING at a found TxDOT monument, said point being the northwest comer of said 121 Acquisition Company, LLC tract and being in the south right-of-way line of State Highway 121 (having a variable width R.O.W.); THENCE North 63°32'06" East, along said south right-of-way line, a distance of 130.52 feet to a point for comer; THENCE North 60°22'33" East, continuing along said south right-of-way line, a distance of 80.86 feet to a point for corner; THENCE South 29°13'03" East, continuing along said south right-of-way line, a distance of 50.00 feet to a point for corner; THENCE North 60°47'38" East, continuing along said south right-of-way line, a distance of 219.64 feet to a point for corner, said point being in the west right-of-way line of Plano Parkway (100 ft R.O.W.); THENCE North 54°53'35" East, leaving said south right-of-way line, and leaving said west right-of-way line, a distance of 100.00 feet to a point for corner, for the beginning of a non -tangent curve to the right having a radius of 950.00 feet and a central angle of I°26'54" and a long chord which bears North 38122'58" West, 24.01 feet, said point being in the east right-of-way line of said Plano Parkway; THENCE along said east right-of-way line, and along said non -tangent curve to the right an arc distance of 24.01 feet to a point for corner, said point being the most southerly point of a comer -clip of the intersection of said east right-of- way line of Plano Parkway and the south right-of-way line of said State highway 121; THENCE North 08°46'31" East, along said corner -clip, a distance of 26.03 feet to a point for corner, said point being in the south right-of-way line of said State highway 121; THENCE North 60°47'38" East, along said south right-of-way line, a distance of 203.71 feet to a point for corner; THENCE North 58'17'36" East, continuing along said south right-of-way line, a distance of 252.11 feet to a point for corner; THENCE North 55°47'40" East, continuing along said south right-of-way line, a distance of 105.11 feet to a point for corner; THENCE North 58'17'42" East, continuing along said south right-of-way line, a distance of 248.62 feet to a point for corner; THENCE North 60°47'38" East, continuing along said south right-of-way line, a distance of 263.85 feet to a point for corner; THENCE North 76°30'51" East, continuing along said south right-of-way line, a distance of 92.27 feet to a point for corner; THENCE North 65'56'12" East, continuing along said south right-of-way line, a distance of 100.40 feet to a point for corner; THENCE North 64'13'39" East, continuing along said south right-of-way line, a distance of 100.18 feet to a point for corner; THENCE North 60°16'36" East, continuing along said south right-of-way line, a distance of 39.88 feet to a point for corner; THENCE South 74°12'01" East, continuing along said south right-of-way line, a distance of 70.70 feet to a point for corner; THENCE North 60°47'38" East, continuing along said south right-of-way line, a distance of 64.12 feet to a point for corner; THENCE North 15°47'17" East, continuing along said south right-of-way line, a distance of 73.27 feet to a point for corner; THENCE North 59°04'32" East, continuing along said south right-of-way line, a distance of 94.25 feet to a point for corner; Exhibit A to The Colony SAP — Legal Description of the Property - Page 1 1775.016\1 103339.4 Exhibit A Legal Description of the Pr a a 439.1. Acres THENCE North 55°39'04" East, continuing along said south right-of-way line, a distance of 100.40 feet to a point for corner; THENCE North 47°37'54" East, continuing along said south right-of-way line, a distance of 114.18 feet to a point for corner; THENCE North 60°47'38" East, continuing along said south right-of-way line, a distance of 3800.00 feet to a point for corner; THENCE North 65°20'10" East, continuing along said south right-of-way line, a distance of 189.41 feet to a point for corner; THENCE North 61 °56'23" East, continuing along said south right-of-way line, a distance of 100.02 feet to a point for corner; THENCE North 63°39'23" East, continuing along said south right-of-way line, a distance of 100.12 feet to a point for corner; THENCE North 64°47'53" East, continuing along said south right-of-way line, a distance of 100.24 feet to a point for corner; THENCE North 66'30'16" East, continuing along said south right-of-way line, a distance of 201.00 feet to a point for corner; THENCE North 65°56'12" East, continuing along said south right-of-way line, a distance of 100.40 feet to a point for corner; THENCE North 66°30'16" East, continuing along said south right-of-way line, a distance of 100.50 feet to a point for corner; THENCE North 63°05'04" East, continuing along said south right-of-way line, a distance of 100.08 feet to a point for corner; THENCE North 64°13'39" East, continuing along said south right-of-way line, a distance of 100.18 feet to a point for corner; THENCE North 83°05'27" East, continuing along said south right-of-way line, a distance of 69.58 feet to a point for corner; THENCE North 60°39'18" East, continuing along said south right-of-way line, a distance of 33.81 feet to a point for corner, said point being in the west right-of-way line of Burlington Northern Railroad (having a variable width R.O. W.); THENCE North 60°38'52" East, leaving said west right-of-way line, a distance of 107.30 feet to a point for comer, said point being in the east right-of-way line of said Burlington Northern Railroad; THENCE North 60°45'58" East, leaving said east right-of-way line, continuing along said south right-of-way line of State Highway 121, a distance of 254.35 feet to a point for corner; THENCE North 63°19'02" East, continuing along said south right-of-way line, a distance of 585.96 feet to a point for corner; THENCE North 60°52'09" East, continuing along said south right-of-way line, a distance of 369.37 feet to a point for corner, said point being in the west right-of-way line of West Spring Creek Parkway (having a 160 ft R.O.W.); THENCE south 29024'43" East, leaving said south right-of-way line, and along said west right-of-way line, a distance of 265.52 feet to a point for corner, for the beginning of a non -tangent curve to the right having a radius of 970.00 feet and a central angle of 29"1342", and a long chord which bears South 14°53'13" East, 489.48 feet; THENCE continuing along said west right-of-way line, and along said non -tangent curve to the right an arc distance of 494.83 feet to a point for corner; THENCE South 00°22'42" East, continuing along said west right-of-way line, a distance of 476.17 feet to a point for corner; THENCE South 0012335" East, continuing along said west right-of-way line, a distance of 864.92 feet to a point for comer, said point being in the north line of Kings Ridge Addition, Phase Three, as recorded in Cabinet X, Page 450, Plat Records, Denton County, Texas; THENCE South 89°40'20" West, leaving said west right-of-way line, and along said north line, a distance of 1199.93 feet to a point for corner, said point being in the east right-of-way line of said Burlington Northern Railroad; Exhibit A to The Colony SAP — Legal Description of the Property - Page 2 1775.016\1103389.4 Exhibit A Le a I Description of the Pro a 439.12 Acres THENCE North 87039'44" West, leaving said north line, leaving said east right -of --way line, a distance of 10 1. 16 feet to a point for comer, for the beginning of a non -tangent curve to the right having a radius of 3703.75 feet and a central angle of 3°44'19" and a long chord which bears South 04112'25" West, 241.62 feet, said point being in the west right- of-way line of said Burlington Northern Railroad; THENCE along said east right-of-way line, and along said non -tangent curve to the right an arc distance of 241.67 feet to a point for comer; THENCE South 06°04'35" West, continuing along said east right-of-way line, a distance of 2524.64 feet to a point for corner; THENCE North 83'17'00" West, continuing along said east right-of-way line, a distance of 190.16 feet to a point for comer; THENCE South 00°51'51" East, continuing along said east right-of-way line, a distance of 970.10 feet to a point for comer; THENCE South 89°03'50" West, continuing along said east right-of-way line, a distance of 31.06 feet to a point for corner; THENCE South 01°14'37" East, continuing along said east right-of-way line, a distance of 447.78 feet to a point for corner; THENCE North 8r06'22" West, leaving said east right-of-way line, a distance of 1240.48 feet to a point for comer, for the beginning of a non -tangent curve to the left having a radius of 1130.00 feet and a central angle of 103°16'58", and a long chord which bears North 38°43'34" West, 1772.16 feet, said point being in the east right-of-way line of said Plano Parkway; THENCE along said east right-of-way line, and along said non -tangent curve to the left an arc distance of 2036.97 feet to a point for corner; THENCE South 89°38'05" West, continuing along said east right-of-way line, a distance of 647.23 feet to a point for corner, for the beginning of a non -tangent curve to the right having a radius of 950.00 feet and a central angle of 40°05'36" and a long chord which bears North 70°19'29" West, 651.29 feet; THENCE continuing along said east right-of-way line, and along said non -tangent curve to the right an arc distance of 664.77 feet to a point for corner, for the beginning of a reverse curve to the left having a radius of 1050.00 feet and a central angle of 40'15'06" and a long chord which bears North 70°25'01" West, 722.57 feet; THENCE continuing along said east right-of-way line, and along said curve to the left an arc distance of 737.65 feet to a point for corner; THENCE South 89°31'25" West, continuing along said east right-of-way line, a distance of 623.83 feet to a point for comer, for the beginning of a tangent curve to the right having a radius of 950.00 feet, a central angle of 0°48'07", and a long chord which bears South 89°55'28" West, 13.21 feet; THENCE continuing along said east right-of-way line, along said curve to the right, an arc distance of 13.21 feet to a point for corner; THENCE South 00'19'22" West, leaving said east right-of-way line, a distance of 100.00 feet to a point for corner, said point being in the west right-of-way line of said Plano Parkway; THENCE South 89°58'40" West, leaving said west right-of-way line, a distance of 1210.45 feet to a point for corner; THENCE North 00°25'18" West, a distance of 226.47 feet to the POINT OF BEGINNING and CONTAINING 19,128,279 square feet, 439.12 acres of land, more or less. Exhibit A to The Colony SAP - Legal Description of the Property - Page 3 1775.016\1 103389.4 Exhibit A-1 Depiction of the ProptLty --T.i •• f ,• • _. �� �5...�; _- -- •� _ —moi .I L. HEADQUARTERS MWE -•- ^r ! '�� rte;:. ` • L PLAN O _ 7 � •!'~: ,i►�''",• = fir; • wu�- , t_CT F uINT or -1 SITE Fla �' - --- 1� • �F f.ITY I Ih11i ' Lrwis,\.'TLLE HHL3€WN Graham Assodates,lnc. CONS,'1'iNG ENGINEERS & PLANNERS � DRP;F-�� 9 WE 5M r� r� �is�r� eau: ta�saa-ar I � I n-,%. Af:vrcmpzFtwz Exhibit A-1 to The Colony SAP — Depiction of the Property - Page 1 EXHIBIT Lun pi SCALE: 9"=2000' 1775.016\1103389.4 n-,%. Af:vrcmpzFtwz Exhibit A-1 to The Colony SAP — Depiction of the Property - Page 1 EXHIBIT Lun pi SCALE: 9"=2000' 1775.016\1103389.4 EXHIBIT B OFFICIAL REPORT 2026-27 PUBLIC IMPROVEMENTS COST The City of The Colony Public Improvement District No. 1 The Colony, Texas PREPARED BY: Jeremie Maurina, Executive Business Liaison DATED: September 1, 2026 Exhibit B to The Colony SAP — Official Report - Public Improvement Cost - Page I 1775.016\1103389.4 (. Q w a � Y i � o Oo r O C O 0�0 r v o a O .� o c oo Q N O N O N [I7 o �o ❑ o HN t— eq N O Ge b9 bl9 r -I � W � U 71d N ii ¢ � 0� aQ QQ = _ O o Go!� o Fi9 Mm o M a> C/1 ami 4�OS Gq N In c� c 00 O soS 4 C ry - S-4 n b Cd W � o k N 00 L Q U d o 04 o M Go�N N r6q bD ca Cos U Cd N � 1--1 y�y �'+ 0 Q Y U O V1 U a U U U CaU � U V] a cli /� y 3 •o 0 c/D o o• U 1I -+o N i a� O� O � N In C!1 C!1 In Q•~Q o c � aki¢ o a) a) a) N N o Ei EUS ° b U I ci N N 3 w. 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E4c b 7. o od z Y o a� 2 U P rL rn o ° ❑ b V] C" cd cc a3cd y� ,A ui ate+ cd U N �: >~ � •y G LC a ac w cd V a"i o ani U K tu O Q a) 7 T s» cn CIS E o a V F3 5 > o y U o d U a L o° 4 7 A, O 4. 4"'-•' P cC to CL U U v ' U Y � Y cycCC CC y� talc +O°+ M a toeCO ° o>> bo v v o p —.2-0 p° YO wQ ';C 0aU o � T M C/] 0 7 j 4 0 a) 0 7-a =' v cd 6$�❑ v-�E� EEm3 D C 3 00 `� cd V] cn v ^U a W Y° a � G b CC to P W .d U b0 O T o T6U ° -54-i ce C,C Q 7 C;U O O cOC cC w. a3 4-i op •ab 0 0 '� •� P. w. Y ct :o vUi LZ G U O .:. cC cC Y> in, "D °> Y o c e U ° O UQ) c U U a _ a) U a- a •N E E C ' CL C f•b U_ •L7 CC in. �U a)U .y p= 0 O b Q O U 'E ' 'E C u U a) b U aJ O O O X �I NI MI 71 W Leien00 00 � m 7 In _ q � a « o � ƒ / £ \ » \ k $ { k- \ o k © 00 �10 © s 7 k k L ; a � 2 0 § - § 4 2 c ° � 2 U 3 r-�, ƒ \ 7 / n � \ § k 3 \ o § a i 0 E £ UU2; g � 2 / \ n S / Q) \\ / \0kn \ m o n 3 ® \ 5 § u \ §\ 2 / \ _ 2 4 W OI M O N NI N4 O N NI` O N IC O 00 tn 69 N 00 00 tn 6R 00 00 00 M 69 O O 69 00 M N 00 O Exhibit C-4 FORM OF NOTICE REQUIRED BY TEXAS PROPERTY CODE SECTION 5.014 Effective September 1, 2021, Texas Property Code §5.014 requires a seller of any real property located in a public improvement district to give notice TWICE to the purchaser of the purchaser's obligation to pay the PID assessment in the form required under Texas Property Code §5.014, as amended. Section 5.0141 of the Texas Property Code requires the "First Notice" below to be given to a prospective purchaser BEFORE the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. AT CLOSING, Section 5.0143 of the Texas Property Code requires a separate copy of the "Second Notice" below, with current information, to be executed by the seller and purchaser, acknowledged and recorded in the deed records of the county in which the property is located. FIRST NOTICE: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENTS TO THE CITY OF THE COLONY, TEXAS CONCERNING THE PROPERTY AT: jINSERT STREET ADDRESS] As the purchaser of the real property described above, you are obligated to pay assessments to the City of The Colony, Texas for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within "City of The Colony Public Improvement District No. 1" (the "District") created under Subchapter A, Chapter 372, Local Government Code, as amended. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS WHICH WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID COLLECTION COSTS ADMINISTRATIVE COSTS AND DELIN UENCY COSTS. The exact amount of the assessment may be obtained from the City of The Colony, Texas. The exact amount of each annual installment will be approved each year by the City Council of The Colony, Texas in the Annual Service Plan Update for the District. More information about the assessments, including the amounts and due dates, may be obtained from the City of The Colony, Texas. YOUR FAILURE TO PAY ANY ASSESSMENT, OR ANY ANNUAL INSTALLMENT THEREOF, MAY RESULT IN PENALTIES AND INTEREST BEING ADDED TO WHAT YOU OWE OR IN A LIEN ON AND THE FORECLOSURE OF YOUR PROPERTY. Exhibit C-4 to The Colony SAP — Form of Notice Required by Texas Property Code Section 5.014 - Page 1 1775.016\1103339.4 Exhibit C-4 The undersigned purchaser acknowledges receipt of this notice prior to the effective date of a binding contract for the purchase of the real property at the street address set forth above. [PURCHASER] [PURCHASER] By: By:.— Name: Name: Date: Date: The undersigned seller executes this notice pursuant to Texas Property Code Section 5.014(a-1), as amended, before the effective date of a binding contract for purchase of the real property at the address described above. [SELLER] By: Name: Date: Exhibit C-4 to The Colony SAP — Form of Notice Required by Texas Property Code Section 5.014 - Page 2 1775.016\1103389.4 AFTER RECORDING RETURN TO: [INSERT SELLER NAME AND ADDRESS] Exhibit C-4 SECOND NOTICE NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENTS TO THE CITY OF THE COLONY, TEXAS CONCERNING THE PROPERTY AT: [INSERT STREET ADDRESS] As the purchaser of the real property described above, you are obligated to pay assessments to the City of The Colony, Texas for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within "City of The Colony Public Improvement District No. T' (the "District") created under Subchapter A, Chapter 372, Local Government Code, as amended. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS WHICH WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID COLLECTION COSTS ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of The Colony, Texas. The exact amount of each annual installment will be approved each year by the City Council of The Colony, Texas in the Annual Service Plan Update for the District. More information about the assessments, including the amounts and due dates, may be obtained from the City of The Colony, Texas. YOUR FAILURE TO PAY ANY ASSESSMENT, OR ANY ANNUAL INSTALLMENT THEREOF, MAY RESULT IN PENALTIES AND INTEREST BEING ADDED TO WHAT YOU OWE OR IN A LIEN ON AND THE FORECLOSURE OF YOUR PROPERTY. The undersigned purchaser acknowledges receipt of this notice prior to the effective date of a binding contract for the purchase of the real property at the street address set forth above. [SIGNATURE PAGES FOLLOW] Exhibit C-4 to The Colony SAP — Form of Notice Required by Texas Property Code Section 5.014 - Page 3 1775.016\1103389.4 Exhibit C-4 IN WITNESS WHEREOF, the undersigned parties have executed this notice at the closing of the purchase of the real property at the address described above and for the purposes stated therein. [PURCHASER] By: Name: — Date: STATE OF TEXAS § COUNTY OF DENTON § This instrument was acknowledged before me by , known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this R 20 [SEAL] Notary Public, State of Texas [PURCHASER] By: Name: Date: STATE OF TEXAS § COUNTY OF DENTON § This instrument was acknowledged before me by , known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20 Notary Public, State of Texas [SEAL] Exhibit C-4 to The Colony SAP — Form of Notice Required by Texas Property Code Section 5.014 - Page 4 1775.016\1 103389.4 Exhibit C-4 The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the address above. [SELLER] By: Name: Date: STATE OF TEXAS § COUNTY OF DENTON § This instrument was acknowledged before me by known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this Notary Public, State of Texas [SEAL] Exhibit C-4 to The Colony SAP — Form of Notice Required by Texas Property Code Section 5.014 - Page 5 1775.016\1103389.4 Exhibit D Special Benefits Report The City of The Colony Public Improvement District No. 1 The Colony, Texas Jeremie Maurina, Executive Business Liaison DATED: September 1, 2026 Exhibit D to The Colony SAP — Facility Public Improvements Cost Special Benefit Analysis - Page 1 1775.016\1103389.4 The Facility is expected to generate eight million customers each year. Given the traffic and security needs of the Facility, above those provided as part of the City's basic municipal services, one hundred percent (100%) of the Public Improvements for: (1) the enhanced traffic management services consisting of a portion of the salary for a dedicated signal technician (the "Enhanced Traffic Services") and (2) the enhanced police services consisting of the salaries of two (2) additional police officers, including benefits (the "Enhanced Police Services") are attributable to the Facility Property. The Facility Property is a single economic unit comprised of two tax parcels. The Public Improvements Costs consisting of the Enhanced Traffic Services and Enhanced Police Services are allocated to the two tax parcels based on acreage. In previous years, the City levied assessments related to traffic management system costs, traffic control equipment, and certain road and street improvements for the special benefit of property within the PID; however, there are no such improvements anticipated for the 2026-2026 fiscal year. During the development related to the Additional Facility Assessments and Related Development Assessments described in the 2018 Annual Service Plan Update, a series of "Enhanced Development Services" (now defined as "Direct Supplemental Services") were identified that provided specific benefits to several individual parcels. Due to the nature of these supplemental services and the scope they cover, they are not easily forecasted for inclusion in a budget. Instead, beginning with the 2019 Annual Service Plan Update, these costs have been estimated annually and directly assessed to the benefitted parcels (See Exhibit E for adjusted assessments for the current year). This provides a more accurate assessment and allows the costs of those services to be recovered from the properties that have directly benefited from them. The total estimated cost of these services is $13,140 for the 2026-27 assessment. Additionally, the City retains a reserve of an estimated 90 days of operating costs calculated based on the annual budget for the Public Improvements. The 90 days of operating costs are apportioned to the Facility Property, Waterfront Property and Related Development Property based on the percentages described below. Table D-1 below shows the 2026-27 Public Improvement Costs and Table D-2 below shows the special benefits analysis. The costs for the Enhanced Traffic Services and the Enhanced Police Services shown below are allocated 100% to the Facility Property. The costs for the Special Supplemental Services and Lake Maintenance are allocated on a per -acre basis to the Facility Property, the Waterfront Property and the Related Development Property such that the Facility Property is apportioned approximately 35.78 percent (107.47 Facility Property/300.3831 total acres); the Waterfront Property is apportioned approximately 5.46 percent (16.4145 Waterfront Property/300.3831 total acres); and the Related Development Property is apportioned approximately 58.76 percent (176.4986 Related Development Property/300.3831 total acres). [Remainder of page left blank intentionally.] Exhibit D to The Colony SAP — Facility Public Improvements Cost Special Benefit Analysis - Page 2 177.016\1103389.4 N w a c `Oo � opo o aNj � rn 00 O 00 `^ C o� J a O ^' O 64 O oq d� O O `n ON C O ,n y =+ M. 6s GF3 F!4 O 6O4 V O �a G � 110 0000 :. r+ \p ON 00 N 00 \O M 00 M 6N4 O\ cs cq4Eoq V GT, 0 Q 00o 0 o ri N O O N 00 00 �p Np kn `n O � N � t tij W � `n 6R 69 69 69 6g bFt yq O H � a G d F rA �, z H W U U uo Cd o 60cn N ili U U U O b4 O Y N a a H A N lZ N O N o ani a 801 1 o o0 00 00 �Pizw �w a w o I eq � a y00 o 00 a CD [� 00 NO N �a V V U) W i 00`O o O o o 0 00 a ZCD N O oN O N � M oen — 00 O rn 4 O N N O N M bR 66s [� 6F3 r- 6R 69 69 r - Ge rA V) o U cn bD N CJ0 Cd •Cd y Exhibit E Assessment ROIL 1. Outstanding 2013 Facility Public Improvement Assessment levied against Facility Property consisting of Tax Parcel No. 657618 and 657619 is $68,190,642.53. 2. Assessment Roll for Additional Facility Public Improvements, Waterfront Public Improvements and Related Development Public Improvements as levied by the 2026 Assessment Ordinance: Tax Parcel ID I Legal Description I Acreage 1 % of Section 1 Assessment Facility Property ($558,051.73) #657618 GRANDSCAPE ADDITION BLK A LOT 1R 81.9900 76.30% �14207.58#657619 GRANDSCAPE ADDITION BLK A LOT 2 25.4800 23.70% 44.15 Waterfront Property ($36,080.65) #957987 GRANDSCAPE ADDITION PHASE II BLK D LOT 2R1 13.7740 82.66% $29,823.44 #704832 GRANDSCAPE ADDITION PHASE II BLK D LOT 3 0.6750 4.05% $1,461.51 #957988 GRANDSCAPE ADDITION PHASE II BLK D LOT 4R 0.5060 3.29% $1,185.59 #957989 GRANDSCAPE ADDITION PHASE II BLK D LOT 5R1 0.2976 1.79% $644.36 #957990 GRANDSCAPE ADDITION PHASE II BLK D LOT 5R2 0.2717 1.63% $58828 #957991 j GRANDSCAPE ADDITION PHASE II BLK D LOT 6R1 I n.4838__t 2.90% $1,047.52 #957992 1 GRANDSCAPE ADDITION PHASE II BLK D LOT 6R2 1 0.4064 j 3.69% $1,329.94 Related Development Property ($394,484.50) #692390 GRANDSCAPE ADDITION BLK A LOT 6R 2.0150 1.11% $4,362.88 #692391 GRANDSCAPE ADDITION BLK A LOT 7R 2.1050 1.16% $4,557.74 #674231 GRANDSCAPE ADDITION PHASE II BLK B LOT 1R1 3.3860 1.86% $7,331.36 #692389 GRANDSCAPE ADDITION BLK B LOT 4R 1.9250 1.06% $4,168.01 #692387 GRANDSCAPE ADDITION BLK B LOT 2R 1.9030 1.04% $4,120.37 #692388 GRANDSCAPE ADDITION BLK B LOT 3R1 -X 0.3010 0.17% $651.72 #692379 GRANDSCAPE ADDITION BLK J LOT 1 R1 2.9310 1.61% $6,346.20 #692380 GRANDSCAPE ADDITION BLK J LOT 3X 0.2040 0.11% $441.70 #653844 GRANDSCAPE ADDITION PHASE II BLK A LOT 9 2.6830 1.47% $5,809.23 #653843 GRANDSCAPE ADDITION PHASE II BLK A LOT 8R 2.9440 1.62% $6,374.34 #748393 GRANDSCAPE MASTER CONDOMINIUMS UNT MASTER UNIT PLUS 92.5 79.0894 43.89% $173,134.15 GRANDSCAPE MASTER CONDOMINIUMS UNT MF 5.8389 3.20% $12,642.35 #753491 (MIXED USE) PLUS 6. GRANDSCAPE MASTER CONDOMINIUMS UNT A 1.5738 0.86% $3,407.50 #753492 (MIXED USE) PLUS .75 #674218 GRANDSCAPE ADDITION PHASE II BLK A LOT 3R 3.6450 3.46% $13,652.15 #732382 GRANDSCAPE ADDITION PHASE II BLK H LOT 2 8.5510 4.74% $18,694.61 #1004631 GRANDSCAPE ADDITION PHASE II BLK E LOT 1R 1.0290 0.56% $2,227.99 #1003642 GRANDSCAPE ADDITION PHASE II BLK H LOT 4R1 3.5810 2.01% $7,933.58 #1015683 GRANDSCAPE ADDITION PHASE II BLK H LOT 4R2-1 R 10.3500 5.98% $23,579.81 #1004632 GRANDSCAPE ADDITION PHASE II BLK E LOT 2 2.9590 1.62% $6,406.82 #1082237 A01 74A BBB & C,TR 1B, 7.7489 7.7489 4.25% $16,777.91 #275371 A0174A BBB & C. TR 1A, 23.59 ACRES 23.5900 13.72% $54,137.03 #692381 GRANDSCAPE ADDITION BLK J LOT 2 1.3430 0.74% $2,907.86 #674225 GRANDSCAPE ADDITION PHASE II BLK C LOT 2R 3.9387 2.16% $8,528.07 #1004634 GRANDSCAPE ADDITION PHASE II BLK E LOT 4 1.6380 0.92% $3,636.60 #1004633 GRANDSCAPE ADDITION PHASE II BLK E LOT 3 1.2260 0.67% $2,654.53 Grand Total I I $988,616.89 Exhibit E to The Colony SAP - Assessment Roll - Page l 177.016\1103389.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Community' Development Corporation Sales Tax Revenue Bonds (Type B) Series 2013 Debt Service Schedule Part 1 of 3 Date Prind al Comm Interest Total P*I Fiscal Total 02/21/2013 10/01/2013 1,295,85147 1,295.853 47 - - 1,295,853.47 12/31/2013 - 04/01/2014 - 1,060,243.75 1,060,243.75 10/01/2014 - 1.06fl,2_�g7 ur,u,243.75 - 2,120,487.50 12/31/2014 - 04/01/2015 - - 1,060,243.75 1,060,243.75 10/01/2015 - 1,060,243.75 1,060,243,75 - 2,120,487.50 12/31/2015 - 04/01/2016 - 1.060.243.75 1.060.243.75 10/01/2016 195.000.00 4.500% 1,1160,243.75 1.255,243 75 - 12/31/2016 - - 2,315.487.50 04/01/2017 - - 1,055,856.25 1.055,856.25 10/01/2017 205,000.00 4.750% 1,055,856.25 1,260,856,25 - - 1316.712.50 12/31/2017 _ _ _ _ - -- 04/01/2018 - - 1.050,987.50 1,050,987.50 - 10/01/2018 240,000.00 7.000% 1,050,987.50 1,290,987.50 - 2,341.975.00 12/31/2018 - - - 04/01/2019 1,042,587.50 1,042,587.50 10/01/2019280,000.00 7.000% 1..042.587.50 - 1.322.587.50 ---- -- - — - - 2.365,175.00 12/31/2019 0410112020 1,032,787.50 1,032,787.50 10/01/2020 325,000.00 7.000% 1,032,787.50 1,357,787.50 2,390,575.00 12/31/2020 - - - 04/01/2021 L021.412.50 1.021,412.50 10/01/2021 370,000 00 7.000°/ 1,021,412.50 1,391,412-50 - - - 2,412,825.00 12J31/2021 - 04/01/2022 - - 1,008,462.50 1,008,462.50 - 10/01/2022 420,000.00 7.000% 1,008,462.50 1,428,462.50 2.436,925_00 I2J31/2022 - _- _ - _ 04/01/2023 - - 993,762.50 993,762.50 - 10/01/2023 475,000.00 7.000% 993,762.50 1,468,762.50 - 2,462.525.U0 12)31/2023 - - 04/01/2024 - 977,137.50 977,137.50 10/01/2024 530,000.00 7.000% 977 137.50 1.507,137.50 - - - -,484,275,00 12131/2024 - - 04/01/2025 - - 958,587.50 958,587.50 - 10/01/2025 595,000.00 7.000% 958,587.50 1.553,587.50 - - - 2,512,175.00 12/31/2025 - - _ 937,761.50 _ 937,762.50 _04/01/2026 10/01/2026 660,000.00 7.000% 937,762.50 1.597,762.50 - 2,535,525.00 12/31/2026 - 04/01/2027 - - 914,662.50 914,662.50 - 10/01/2027 730.000.00 7.0000/4 914.662.50 1,644.663.50 4a ST Inc Series 2013 - F I SINGLE PURPOSE 1 9/ 3r2021 1 12:19 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 1 1775.0160 103389.4 E-1 Band Debt Service Schedules for Calculating Debt Service Shortfalls The Colonv Cammluait` Develo went Corpora ion Sales Tax Revenue Bonds (Type B) Series 2013 Debt Service Schedule Part 2 of 3 Data 101 principal Coupon Intereat Total P+1 Fiscal Total 7359.3_4,.t1I1 12/31/2027 -_ —;- 04/01/2028 -- - - 889,112.50 889,112.50 - 10/01/2028 805,000.00 7.000% 889.112.50 1,694,112.50 - - - 2,583,225.00 12/31/2028 - - 04/01/2029 - 860,937.50 860,937.50 - 10/01/2029 R9i1,0EH],1kI 7.8"% 860,937.50 1,751937.50 - - 2,611.875.00 12/31/2029 04/01/2030 - - - 828,675.00 828,675.00 - 10/01/2030 980,000.00 7.250% 828,675.00 1,808,675.00 - 7,637.350.00 12/31/2030 04/01/2031 - - _ 793,150.00 793,150.00 _______ 10/01/2031 1,080,000.00 _ 7.250% 793,150.00 1,873,150.00 - - _ 2,666,300.00 12131/2031 - 04/01/2032 - 754,000.00 754,000.00 - 10/012032 1,180,000.00 7.250% 754,000.00 1,934,000,00 - - - 2.688.000.00 12/31/2032 - - 04/01/2033 - 711.225.00 711.225.00 10/01/2033 1295,000.00 7.250% 711,225.00 2,006,225.00 - - 7,717,450.00 12/31/2033 - - 04/01/2034 - 664,281.25 664,281.25 - I OJO Iia03: ! A I S,QfiO.GB 7.250% 66428/-25 2.079.281.25 - - 2,743.562.50 12/31/2034 04/01/2035 - - - - 612,987.50 612,987.50 - 10/01/2035 1,545,000.00 7.250% 612,98750 2.157,987.50 - - - 2.770,975.00 [2/31/2035 04/01/2036 - 556,981.25 5_56,981.25 10/01/2036 _ 1.685.000.00 _ 7.250% 556,981.25 2,241,981.25 - - - 7,798,962.50 12/31/2036 - 04/01/2037 - 495,900.00 495,900.00 10/01/2037 1,835.000.00 7.250% 495,900.00 2,330,900.00 826.8[IO�OII 12)31/2037 -3 04/01/2038 _ - 429,381.25 429,381.25 - 10/01/2038 1,995,000 00 7.250% 429,381.25 2,424,381.25 - - 7,853.762.50 12/3//2038 04/01/2039 - - 357,062.50 357,062.50 - 10/01/20392,170,000.00_ 7.250% - - 357.062.50 - - - -- 2.517.062-50 - - - - - - - 2,884.125.00 12/31/2039 - 04/01/2040 - - 278,400.00 278,400.00 Ol /2040 2 355 OOQOO 7.250% 278,400.00 2,633,400.00 12/31/2040 - - - - 7,911,800.00 04lOV2041_ - 193.031-25 193,03125 10/01/2041 7,555.000,00 7.250% 193,03125 2,748,031.25 12/317041 941.062.50 4B ST Inc Series 2013 - F I SINGLE PURPOSE 1 91 32021 1 12:19 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 2 1775.016\1103389.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Community Development Corporation Sales Tax Revenue Bonds (Type B) Series 2013 Debt Service Schedule Part 3 of 3 Date pjinrjpm Coupon Interest Total P+I Fiscal T 04/01/2042 100,412.50 100,412.50 - 10/01/2042 2,770,000.00 7.250% 100,412.50 2,870,412.50 - 12131.2042 2.97DA25.00 Total S29,580,000.00 $46,696,403.47 $76,276,403.47 Yield Statisfies Bond Year Dollars 5646,881.67 Awe Life 21.869 Years Average Coupon — _ _ _ _ _ _ _ 7.2186933% tiny Int�t Cusr �Cy _ True InNa�t Cost 1C1 Bend Yield for Arbitmee Purposes_ All Inclusive Cost _ 7,9973376P: 7.8369992% 8.0774697% IRS Form 8838 Net Interest Cost _ _ — _ _ _ 8,1500099% 1We7jjjhQAvLrdg,c Maturity 21.678 Years 4B ST Inc Series 2013 - F I SINGLE PURPOSE 1 91312021 1 12:19 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 3 1775.016\I 103389.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Economic Development Corporation Sales Tax Revenue Bonds (Type A) Series 2013 Debt Service Schedule Part 1 of 3 Date Princi al rminnin J------- Total P+I Fiscal Total 02/21/2013 - 10/01/2013 - - 1,295.853.47 1,295,853.47 - 12/31/2013 -. - - 1,295,853.47 04/01/2014 - 1,060.243.75 1,060,243.75 10/01/2014 1.060 243.75 1.060.243.75 - 2,120.487.50 12/31/2014 04/01/2015 - - - 1,060,243.75 1,060,243.75 - 10/01/2015 - 1,060,243.75 1,060,243.75 - 12/31/2015 - 2,120,487.50 04/01/2016 _ - 1.060.243.75 _ _ 1.060.243.75- 10/01/2016 _ 195,000.00 4.500% 1,060,243.75 1,255,243.75 12/31/2016 - - - 2,315,487.50 04/01/2017 - - 1,055,856.25 1,055.856.25 10/01/2017 205.000.00 4.750% 1.055.856.25 1.260,856 25 - 12/31/2017 04/01/2018 - - 1,050,987.50 1.050.987.50 - 10/01/2018 240,000.00 7,000% 1.050,987.50 1.290.987.50 - 12/31/2018 - - 2,341,975.00 04/01/2019 - 1,042,587.50 1,042.587.50 - 10/01/2019 2�y0(1000. 7AM% 1..08:,587.50 13r'SIi7.50 _ 12/31/2019 _ _ - - - 2.365,175.00 04/01/2020 - - 1,032,787.50 1,032,787.50 10/01/2020 325.000.00 7.000% 1,032.787.50 1,357.787.50 - - 2,390.575.00 12/31/2020 04/01/2021 - _ _ _ 1.021;412.50 1.021.41250 _ 10/01/2021 370.000.00 7.000% 1,021.412.50 1.391,412.50 - 12/31/2021 .. - - - 2.412,825.00 04/01/2022 - - 1.008,462.50 1,008.462.50 - 10/01/2022 420,000.00 7.000% 1,008,462.50 1,428.462.50 - - 2.4_• 36,925.00 l2/31/2022 04/01/2023 - 993,762.50 _ _ 993.762.50 _ - 10/01/2023 475,000.00 7.000% 993,762.50 1,468,762.50 - 12/31/2023 7,462,525.00 - 04/01/2024 977,137.50 977,137.50 - 10/01/2024 .530,M 00 79300°/a 977337.50 _ 1.,507.137_50_ - 12/31/2024 - 2.484,275.00 04/01/2025 - - 958,587.50 958,587.50 - 10/01/2025 595,000.00 7.000% 958,587.50 1,553,587.50- 12/31/2025 - 2,512.175.00 04/01/2026 - - 9-17.762,50937-762-50 10/01/2026 660,000.00 7.000% 937,762.50 1,597.762.50 7,535,525.00 12/31/2026 04/01/2027 - - 914,662.50 914,662.50 - 10/01/2027 730.000.00 7.000% 914.662.50 1.644.662.50 4A ST Inc Series 2013 - F I SINGLE PURPOSE 1 91312021 1 12:17 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 4 1775.016\1103339.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Economic Development Corporation Sales Tax Revenue Bonds (Type A) Series 2013 Debt Service Schedule Part 2 of 3 Date Principal Coupon Interest Total P+I Fiscal Total 2.559,325.00 12/31/2027 — — — — - - - 04/01/2028 -- — 889,112.50 889,112.50 - 10/01/2028 805,000.00 7.000% 889,112.50 1,694,112.50 = 2,583,225.00 12/31/2028 - 04/01/2029 - 860,937.50 860,937.50 - 112029 890.000_00 7.250%_ 860.937.50 1.750__93_7.50 _M0/0 - - - 2,611,875.00 12/31/2029 - 04/01/2030 - 828,675.00 828,675.00 10/01/2030 980,000.00 7.250% 828,675.00 1,808,675.00 - - 2.637,350.00 12/31/2030 - - - 04/01/2031 793.150.00_ 793.150.00 - 10/01/2031 1,080.000.00 7.250% 793,150.00 1.873,150 00 - - 2,666.300.00 12/31/2031 - - 04/01/2032 - - 754,000.00 754,000.00 - 10/01/2032 1,180,00000 7.250% 754,000.00 1,934,000.00 - 2.688,000.00 12/31/2032 - - 04/01/2033 711,225.00 711,225.00 - 10/01/2033 1,295.000.00 7.250% 711225.00 2.006,225-00 - - 2,717,450.00 12/31/2033 - - 04/01/2034 - 664,281.25 664,281.25 - 10/01,2034 1.415,000.00 7-250'd 66.1.2111 25 - _ 2.743.562.50 12/31/2034 - 04l01/2035 - - 612,987.50 612,987.50 - 10/01/2035 1,545,000.00 7.2501/6 612.987.50 2,157,987.50 - - 2,770.975.00 12/3112035 04/01/2036 _ _ 556.981_''; 556,98125 _ - 10/01/2036 1,685,000.00 7.250% 556,981.25 2241,981.25 - - 2,798,962.50 12/31/2036 - - 04/01/2037 - 495,900.00 495,900.00 10/01/2037 1,835,000.00 7.250% 495.900.00 2.330,900.00 0 1241/2037 - .82h.... 04/01/2038 - 429,381.25 429,381.25 - 10/01/2038 1,995,000.00 7.250% 429,381.25 2,424,381.25 _ - 2,853.762.50 12/31/2038 04/01/2039 - 357,062.50 357,062.50 10/01/2039 ?.JI.Inf J0110 7.250% � 357.062.30 2527.06?_50_ - - 12/31/2039 - 2,884,125.00 04/0112040 278,400.00 278,400.00 - 10/01/2040 2,355,000.00 7250% 278,400.00 2,633,400.00 - - 2,911,800.00 12/31/2040 - 04/01/2041 _ o.o31.25 _ 193.031.25 10/01/2041 2,555,000.00 7.250% 193,031.25 2,748,03125 1.94 f ,062.50 S 2: 31:2041 4A ST Inc Series 2013 - F 1 SINGLE PURPOSE 1 91312021 1 12:17 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 5 1775.016\1 103389.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Economic Development Corporation Sales Tax Revenue Bonds (Type A) Series 2013 Debt Service Schedule Part 3of3 Date Principal Cou on Interest Total P+1 Fiscal Total 04/01/2042 - 100,412.50 100,412.50 10/01/2042 2,770,000.00 7 250 % 100,412.50 2,870,412.50 - 2.970.%35.00 12r3117412. - – — — - — _ Total $29,580,000.00 $46,696,403.47 $76,276,403.47 - Yield Stattetic8 Bond Year Dollars _ Averaxe Lirc Average CalFKM Net Interest Cost (NIC) True Interest C ITIC) _ HaurlYrewfnr,V gTVe_Pwpw+-- All Indw vc Coil AIC $646.881.67 — — 21-869 Years 7.2186933 _ 7.5787858 _7.9972376 _ 7.8369992%. 8.Q77ifi97°� IRS Farm 8038 Net interest Cosi _ _ _ _ — _ — — 8.1500099 Weighted AvC Maturity — 21.678 Years 4A ST Inc Series 2013 - F I SINGLE PURPOSE 1 9/3/2021 1 12:17 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 6 1775.016\1103389.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Local Development Corporation Sales Tax Increment Contract Revenue Bonds Series 2013 Debt Service Schedule Part 1 of 3 Date Principal Coupon Interest Total P+I Fiscal Total 02/21/2013 ' 10/01/2013 - 707,765.97 707,765.97 - 12/31/2013 - - - 707,765.97 04/01/2014 579,081.25 579,081.25 - 10/01/2014 579,081.25 579.081.25 _ - 1,158,162.50 12/31/2014 - - 04/01/2015 - 579,081.25 579,081.25 - 10/01/2015 - - 579,081.25 579,081.25 - 1,158,162.50 12/31/2015 - - 04/01/2016 -_ 579.081.25 _ 579.081.25 .- 10/01/2016 579,081.25 579,081.25 12/31/2016 - - - 1,158,162.50 04/01/2017 - 579,081.25 579,081.25 - 10/01/2017 579,081.25 579,081.25 - 12/31/2017 - _ 1,158,161.50 04/01/2018 579,081.25 579,081.25 - 10/01/2018 140,000.00 5.000% 579,081.25 719,081.25 - 12/312018 - - - - 1298,162.50 04/01/2019 575,581.25 575,58125 10/01/20191lid.p06.eG 5.250% -JY _575.581.25 — 735.581.25 12/31/2019 - - - 1.311,162.50 04/01/2020 571,381.25 571,381.25 10/01/2020 180.000.00 5.500% 571,381.25 751,381.25 12/31/2020 - 1,322.762.50 04/01/2021 _____166-43 1_25 566,431.25_ _. 10/01/2021 205.000,00 5.750% 566,431.25 771,431.25 - 12/31/2021 - 1,337,862.50 04/01/2022 - -. 560,537.50 560,537.50 10/01/2022 230,000.00 6,000% 560,537.50 790,537.50 12/31 /2022 1.351.075.00 04/01/2023 - - 553,637.50 553,637.50 10/01/2023 255,000.00 6.250% 553,637.50 808,637.50 - - 1,362,275.00 12/31/2023 - - 04/012024 - - 545,668.75 545,668.75 - 10/01/2024 285,000.00 6.500% 545.668.75 830,668.75 12/31/2024 - - - 1,376,337.50 04/012025 - - 536.406.25 536,406.25 - 10/01/2025 315,000.00 6.750% 536,406.25 851,406.25 12/31/2025 - - - 1,387,812.50 04/01/2026 _ _ _ _ 52_5.775.00 _ _ _ 525,775.00 10/01/2026 355,000.00 6.875% 525,775.00 880,775.00 12/312026 - - - 1,406,550.00 04/01/2027 - - 513,571.88 513,571.88 10/01/2027 390.000.00 7.000% 513.571-88 903,571.88 ST Inc Series 2013-FINA I SINGLE PURPOSE 1 9/32021 1 12:21 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 7 1775-016\1103359.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Local Development Corporation Sales Tax Increment Contract Revenue Bonds Series 2013 Debt Service Schedule Part 2 of 3 Date Principal Coupon Interest Total P+I Fiscal Total 12/31/2027 _ _ - 1.417.143.76 04/01/2028 484,425.00 10/01/2028 435,000,00 7.125% 12/31/2028 - 04/01/2029 - 10/01/2029 480;000.00_ 7,350°1_ 12/31/2029 - 1,459,050.00 04/01/2030 - 10/01/2030 525,000.00 7.250% 12/31/2030 - 499,921.88 499,921.88 499,921.88 934,921.88 - 1 434 843 76 484,425.00 484,425.00 04,425.00 964.425.00 _ - 1.448,850.00 467,025.00 467,025.00 467,025.00 992,025.00 - - 1,459,050.00 04/01/2031 447,993.75 _ 447,993.75 10/01/2031 580.000.00 7.250% 447,993.75 1,027,993.75 - 1,475,987.50 12/31/2031 04/01/2032 - - 426,968.75 426,968.75 10/01/2032 635,000.00 7.250% 426,968.75 1,061.968.75 - 1.488,937.50 12/31/2032 _ _ _ _ 04/01/2033 - 403,950.00 403,950,00 10/01/2033 695.000.00 7.250% 403,950.00 1,098,950.00 == - 1,502,900.00 12/31/2033 - 04/01/2034 378.756.25 378,756.25 10/01/2034 765.000.00 7.500% 378.756.25 1.143,756.25 - - 1.522,512.50 12/31/2034 04/01/2035 - 350,068.75 350,068.75 - 10/01/2035 835,000.00 7,500% 350,068.75 1,185,068.75 - 1,535,137.50 12/31/2035 - - 04/01/2036 318,756,25_ _ 318.756.25 10/01/2036 915.000.00 7.500% 318,756.25 1,233,756.25 - 1,552,512.50 12/31/2036 - - 04/01/2037 - - 284,443.75 284,443.75 10/01/2037 995,000.00 7,500% 284,443.75 1,279,443.75 I1 X63; 58.50 12/31/2037 04/01/2038 247,131.25 247,131.25 10/01/2038 1,090,000.00 7.500% 247,131.25 1,337,131.25 - - - 1,584,262.50 12/31/2038 04/01/2039 206,256.25 206.256.25 10/01/2039 1 185.000.00 7.625% 206,256.25 1.391.256.25 - 1,597,512.50 12/31/2039 - - 04/01/2040 - 161,078.13 161,078.13 10/01/2040 1,290,000.00 7.625% 161,078.13 1,451,078.13 = - 1,612,156.26 12/31/2040 - - 04/01/2041 _ 11 10/01/2041 1,405,000.00 7.625% 111,896.88 1,516,896.88 1.628.793.76 12/31/2041 ST Inc Series 2013-FINA I SINGLE PURPOSE 1 9/32021 1 12:21 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 8 1775,016\1103389.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls The Colony Local Development Corporation Sales Tax Increment Contract Revenue Bonds Series 2013 Debt Service Schedule Part 3 of 3 Date Princi al Co on Interest Total P+l Fiscal Total 04/01/2042 - 58,331.25 58,331.25 10/01/2042 1,530,000.00 7625% 58,331.25 1,588,331.25 12/31/2042 - 1,646,662.50 Total $15,875,000.00 $26,090,566.01 541,965,566.01 Yield Statistics Ap11d Year IA-11ar. 5351.166-19 Average Life _ -_ _ 22.133 Years Average C --Pon - _ _ • _ 1.4254587% Net Interest Coat INIC_1 Z:126116.2/. _ True Interest Cosy (TICI 75 8686371/._ Bond Yield for Arbitrage Purposes _ _ _ _ _ 7.4008834% All Inclusive Cost (AIC) _ _ 7.6874835% IRS Form 8038 Net Interest Cost 7,4677027% Weighted Average Maturity 22.115 Years ST Inc Series 2013 - FINA I SINGLE PURPOSE 1 91312021 1 12:21 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 9 1775.016\1103359.4 E-1 Bond Debt Service Schedules for Calculating Debt Service Shortfalls Final The Colony TIRZ #1 TIRZ Increment Contract Revenue Refunding Bonds Series 2021 Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total P+I Fiscal Total 02/23/2021 - - 04/01/2021 - 77,637.27 77,637,27 10/01/2021 1,150,000.00 3.580% 367,755.50 1,517,755.50 12/31/2021 - - - 1,595,392.77 04/01/2022 - 347.170.50 347 170.50 _ - _ 10/01/2022 _ _ 1,195,000.00 3.580% 347.170.50 1,542,170.50 12/31/2022 - - - 1,889,341.00 04/01/2023 - 325,780.00 325,780.00 10/01/2023 1,235,000.00 3.580% 325,780.00 1.560,780.00 12/3112023 1.886.560.00 04/01/2024 - 303,673.50 303.673.50 - 10/01/2024 1.280,000.00 3.580% 303,673-50 1,583,673.50 - 1,887,347-00 12/31/2024 - - - 04/01/2025 - 280,761.50 280,761.50 - 10/01/2025 1.330.000.00 3.580% _ 280.761.50 _ _ 1.630.761.50 1,891.523.00 12/31/2025 - 04/01/2026 - - 256,954.50 256,954.50 10/01/2026 1,375,000.00 3.580% 256,954.50 1,631,954.50 - 1,888,909,00 12/31/2026 - 04/01/2027 232.342.00 _ 232.342.00 10/01/2027 1,425,000.00 1580% 232,342.00 1,657,342.00- 1,889,684.00 12/31/2027 - - 04/01/2028 - 206,834.50 206.834.50 10/01/2028 1,480,000.00 3.580% 206,834.50 1,686,834.50 -. 12/31/2028 1.893.669.00 04/01/2029 - 180,342.50 180,342.50 - 10/01/2029 1,530,000.00 3.580% 180,342.50 1,710,342.50 - - 1.890,685.00 12/31/2029 - - 04/01/2030 - - 152.955.50 152,955.50 10/01/2030 1,590.000.00 3,580% 152.955.50 1,74? 955.50 12/31/2030 - - - - 1,895,911.00 04/01/2031 - - 124,494.50 124,494.50 10/01/2031 1,645,000.00 3.580% 124,494.50 1,769,494.50 12/31/2031 - - 1,893.989.00 04/01/203295.049.00 _ 95.049_00 10/01/2032 1.705,000.00 3.580% 95,049.00 1.800,049.00 - 1,895,098.00 12/31/2032 - 04/01/2033 64,529.50 64,529.50 10/01/2033 1,770,000.00 3.580% 64,529.50 1,834,529.50 - 1 899.059.00 12/31/2033 _ 04/01/2034 - 32,846.50 32,846.50 - 10/01/2034 1,835,000.00 3.580% 32,846.50 1.867,846.50 - - 1,900,693.00 12/31/2034 - Total $20,545,000.00 - S5,652,860.77 $26,197,860.77 - Series 2021 FINAL - CYE I SINGLE PURPOSE 1 9132021 1 12:32 PM Exhibit E-1 to The Colony SAP — Bond Debt Service Schedules for Calculating Debt Service Shortfalls - Page 10 1775.016\1 103389.4 Exhibit F to The Colony SAP — Chronological History of City Council Legislative Actions for the District - Page 1 1775.016\1103389.4 Exhibit F Chronological History of Cill Council Le Dative Actions for the District Below is a summary of prior legislative actions of the City Council for the District, including the levy of all Assessments against benefitted property within the District. This Exhibit F shall be updated with each Annual Service Plan Update. Items marked with an (**) were validated as part of the matter styled Ex Parte City of The Colony in the 53rd District Court of Travis County,. Texas (the "Bond Validation Suit") for which a Final Judgment was issued on January 18, 2012. September 17, 2012** • Landowner petition ("PID Creation Petition") for the establishment of the District is submitted to the City and filed with the City Secretary. September 18, 2012 • City Council approved Resolution No. 2012-067 accepting the PID Creation Petition and calling a public hearing on the creation of the District for October 8, 2012. September 21, 2012** • Notice of "City of The Colony, Texas, Notice of Public Hearing Regarding the Proposed Establishment of City of The Colony Public Improvement District No. 1" is mailed to "Property Owners" as required by the Act. September 22, 2012** + Notice of "City of The Colony, Texas, Notice of Public Hearing Regarding the Proposed Establishment of City of The Colony Public Improvement District No. 1" is published in the Denton Record Chronicle as required by the Act. September 26, 2012** • City Council by motion accepts and approves PID Creation Petition, waiver of the 15 -day notice for the public hearing on the creation of the District to be held on October 8, 2012, and waiver of the 20 -day protest period for the commencement of construction of the Authorized Improvements. October 8, 2012** • After considering all written and documentary evidence presented at the public hearing described above, City Council approved Resolution No. 2012-073 authorizing the creation of the District. October 9, 2012* * • Publication of Resolution No. 2012-073 authorizing the creation of the District as required by the Act. December 11, 2012 • City Council approved Resolution No. 2012-100 accepting a preliminary service and assessment plan, proposed assessment roll and proposed reimbursement agreement for the District and calling a public hearing ("2013 Assessment Hearing") for January 15, 2013 to consider an ordinance levying assessments on benefitted property within the District and directing publication and mailing of statutory notices for such hearing. December 17,2012** • Notice of "City of The Colony, Texas, Notice of Public Hearing on Assessment Ordinance for the City of The Colony Public Improvement District No. 1" is mailed to "Property Owners" as required by the Act. December 19,2012** • Notice of "City of The Colony, Texas, Notice of Public Hearing on Assessment Ordinance for the City of The Colony Public Improvement District No. 1" is published in the Denton Record Chronicle as required by the Act. January 15, 2013 ■ City Council conducted the 2013 Assessment Public Hearing and approved a motion to continue the 2013 Assessment Public Hearing until February 7, 2013. Exhibit F to The Colony SAP — Chronological History of City Council Legislative Actions for the District - Page 1 1775.016\1103389.4 Exhibit F Chronolo ical Histon, of City Council Le islative Actions for the District February 7, 2013** + After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2013-1992, recorded as Instrument No. 2013-20487 in the real property records of Denton County, Texas (the "2013 Assessment Ordinance"), which (i) approved and accepted the "City of The Colony, Texas, Public Improvement District No. 1 Service and Assessment Plan" dated February 7, 2013 (the "Original Service and Assessment Plan"), (ii) levied the 2013 Facility Public Improvement Assessment against the Facility Property for the 2013 Public Improvements as shown on the Assessment Roll attached as Exhibit G to the Original Service and Assessment Plan, and (iii) deferred levying the 2013 Related Development Deferred Assessment for the portion of the 2013 Public Improvements Cost that specially benefits the Related Development Property. • City Council approved Resolution No 2013-008 approving the 2013 LGC Sales Tax Bonds, the 2013A LGC Sales Tax Bonds, and the 2013 LGC Tax Bonds and approving the 2013 LGC Sales Tax Bonds Reimbursement Agreement and the 2013 LGC Tax Bonds Reimbursement Agreement. • City Council approved Resolution No. 2013-009 approving the 2013 Type A Bonds and approving the 2013 Type A Bonds Reimbursement Agreement. • City Council approved Resolution No. 2013-010 approving the 2013 Type B Bonds and approving the 2013 Type B Bonds Reimbursement Agreement. April 21, 2015 • City Council approved Resolution No. 2015-042 accepting the City of The Colony Public Improvement District No. 1 Preliminary 2015 Annual Service and Assessment Plan, dated March 17, 2015, including proposed assessment roll for the District and calling a public hearing ("2015 Assessment Public Hearing") for May 5, 2015 to consider an ordinance levying assessments in the aggregate amount of $1,379,301.00 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. May 5, 2015 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2015 Assessment Public Hearing. • After considering all written and documentary evidence presented at the duly noticed public hearing described above, the City Council approved Ordinance No. 2015-2136 (the "2015 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1 2015 Annual Service and Assessment Plan, dated May 5, 2015 (the "2015 Annual Service Pian Update") and levied Assessments in the aggregate amount of $1,379,301 consisting of. (i) $959,247.96 against the Facility Property for costs of Additional Facility Public Improvements (the "2015 Facility Assessment"), (ii) $369,143.53 for Boardwalk Public Improvement Costs (as defined in the 2015 Annual Service Plan Update) and $50,909.51 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $420,053.04 amount is referred to as the "2015 Related Develo mens Assessment") August 18, 2015 • City Council approved Resolution No. 2015-066 accepting the City of The Colony Public Improvement District No. I Preliminary 20152016 Annual Service and Assessment Plan, dated August 13, 2015, including proposed assessment roll for the District, and calling a public hearing ("2015-16 Assessment Public Hearin ") for September 1, 2015 to consider an ordinance levying assessments in the aggregate amount of $1,454,992.00 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 2 1775.016\1103389.4 Exhibit F Chronolo ical History of City Council Legislative Actions for the District September 15, 2015 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2015-16 Assessment Public Hearing. After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2015-2160 (the "2015 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1201512016 Annual Service and Assessment Plan, dated August 13, 2015 and amended September 14, 2015 (the "2015/2016 Annual Service _Plan and levied Assessments in the aggregate amount of $1,454,992 consisting of. (i) $1,218,234.83 against the Facility Property for costs of Additional Facility Public Improvements (the "2015 Facilily Assessment"), (ii) $148,428.69 for Boardwalk Public Improvement Costs (as defined in the 2015 Annual Service Plan Update) and $88,328.48 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $236,757.17 amount is referred to as the "2015 Related Development Assessment") August 16, 2016 • City Council approved Resolution No. 2016-049 accepting the City of The Colony Public Improvement District No. 1 Preliminary 2016/2017 Annual Service and Assessment Plan, dated August 10, 2016, including proposed assessment roll for the District, and calling a public hearing ("2016 Assessment Public Hearin ) for September 6, 2016 to consider an ordinance levying assessments in the aggregate amount of $1,162,836.00 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. September 6, 2016 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2016 Assessment Public Hearing. After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2016-2232 (the "2016 Assessment Ordinance) which approved the City of The Colony Public Improvement District No. 1201612017 Annual Service and Assessment Plan, dated August 10, 2016 and amended August 29, 2016 (the "2016 Annual Service Plan Update") and levied Assessments in the aggregate amount of $1,162,836.00 consisting of. (i) $875,155.64 against the Facility Property for costs of Additional Facility Public Improvements (the "2016 Facility Assessment"), (ii) $120,673.24 for Boardwalk Public Improvement Costs (as defined in the 2016 Annual Service Plan Update) and $167,007.12 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $287,681.36 amount is referred to as the "2016 Related Development Assessment"). September 5, 2017 . City Council approved Resolution No. 2017-078 accepting the City of The Colony Public Improvement District No. I Preliminary 2017/2018 Annual Service and Assessment Plan, dated August 16, 2017, including proposed assessment roll for the District, and calling a public hearing ("=7 Assessment Public Hearin ") for September 19, 2017 to consider an ordinance levying assessments in the aggregate amount of $1,531,458.00 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 3 1775.016\1103389.4 Exhibit F Chronological History of City Council Legislative Actions for the District September 19, 2017 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2017 Assessment Public Hearing. ■ After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2017-2283 (the "2017 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1201712018 Annual Service and Assessment Plan, dated August 16, 2017 and amended September 11, 2017 (the "2017 Annual Service PIan QPdate") and levied Assessments in the aggregate amount of $1,531,458 consisting of. (i) $658,465 against the Facility Property for costs of Additional Facility Public Improvements (the "2017 Facili Assessment"), (ii) $402,978 for Waterfront Public Improvement Costs (as defined in the 2017 Annual Service Plan Update) and $470,015 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $872,993 amount is referred to as the "2017 Related Development Assessment"). August 21, 2018 • City Council approved Resolution No. 2018-071 accepting the City of The Colony Public Improvement District No. I Preliminary 2018/2019 Annual Service and Assessment Plan, dated August 16, 2018, including proposed assessment roll for the District, and calling a public hearing ("2018 Assessment Public Hearing") for September 18, 2018 to consider an ordinance levying assessments in the aggregate amount of $1,497,805.98 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. September 18, 2018 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2018 Assessment Public Hearing. • After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2018-2235 (the "2018 Assessment Ordinance) which approved the City of The Colony Public Improvement District No.1 2018/2019 Annual Service and Assessment Plan, dated September 12, 2018 (the "2018 Annual Service Plan Update") and levied Assessments in the aggregate amount of $1,497,805.98 consisting of. (i) $810,379.62 against the Facility Property for costs of Additional Facility Public Improvements (the "2018 Facility A sessment"), (ii) $83,293.66 for Waterfront Public Improvement Costs (as defined in the 2018 Annual Service Plan Update) and $604,132.70 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $687,426.36 amount is referred to as the "2018 Related Development Assessment"). August 20, 2019 ■ City Council approved Resolution No. 2019-065 accepting the City of The Colony Public Improvement District No. 1 Preliminary 2019/2020 Annual Service and Assessment Plan, dated August 15, 2019, including proposed assessment roll for the District, and calling a public hearing ("2019 Assessment Public Hearing") for September 17, 2019 to consider an ordinance levying assessments in the aggregate amount of $1,061,109.02 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. September 17, 2019 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2019 Assessment Public Hearing. Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 4 1775.016\1 103389.4 Exhibit F to The Colony SAP — Chronological History of City Council Legislative Actions for the District - Page 5 1 775.016\1103389.4 Exhibit F Chronological History of City Council Legislative Actions for the District • After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2019-2376 (the "2019 Assessment Ordinance) which approved the City of The Colony Public Improvement District No. 1201912020 Annual Service and Assessment Plan, dated September 17, 2019 (the "2019 Annual Service Plan Update") and levied Assessments in the aggregate amount of $1,061,109.02 consisting of: (i) $570,667.99 against the Facility Property for costs of Additional Facility Public Improvements (the "2019 Facilily Assessment"), (ii) $49,965.50 for Waterfront Public Improvement Costs (as defined in the 2019 Annual Service Plan Update) and $440,475.53 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $490,441.03 amount is referred to as the "2019 Related Develo ment Assessment"). August 5, 2020 • City Council approved Ordinance No. 2020-2407 accepting the City of The Colony Public Improvement District No. I Preliminary 2020/2021 Annual Service and Assessment Plan, dated August 13, 2020, including proposed assessment roll for the District, and calling a public hearing ("2020 Assessment Public Hearing") for September I5, 2020 to consider an ordinance levying assessments in the aggregate amount of $1,061,109.02 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. September 15, 2020 ■ After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2020 Assessment Public Hearing. After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2020-2407 (the "2020 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1202012021 Annual Service and Assessment Plan, dated September 15, 2020 (the "2020 Annual Service Plan Update") and levied Assessments in the aggregate amount of $1,061,109.02 consisting of. (i) $570,667.99 against the Facility Property for costs of Additional Facility Public Improvements (the "2020 Facilily Assessment"), (ii) $49,965.50 for Waterfront Public Improvement Costs (as shown in Exhibit B of the 2020 Assessment Ordinance) and $440,475.53 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $490,441.03 amount is referred to as the "2020 Related Development Assessment"). January 19, 2021 • City Council approved Ordinance No. 2021-2430 approving an Approving an Amended and Restated Service and Assessment Plan for the District, Including Assessment Roll for The City of The Colony Public Improvement District No. 1. • City Council approved Resolution No. 2021-006 approving and Consenting to The Colony Local Development Corporation Tax Increment Contract Revenue Refunding Bonds (Nebraska Furniture Mart Texas Project) Taxable Series 2021. August 17, 2021 • City Council approved Resolution No. 2021-053 accepting the City of The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update (Assessment Year October 1, 2021 to September 30, 2022), dated August 13, 2021, including proposed assessment roll for the District, and calling a public hearing ("2021 Assessment Public Hearin ") for September 7, 2021 to consider an ordinance levying assessments in the aggregate amount of $902,327on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. Exhibit F to The Colony SAP — Chronological History of City Council Legislative Actions for the District - Page 5 1 775.016\1103389.4 Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 6 1775,016\1 1 03339,4 Exhibit F Chronological History of City Council Legislative Actions for the District September 7, 2021 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2021 Assessment Public Hearing. ■ After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2021-2449 (the "2021 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. I Annual Service and Assessment Plan Update (Assessment Year October 1, 2021 to September 30, 2022), dated September 7, 2021 (the "2021 Annual Service Plan Update") and levied Assessments in the aggregate amount of $902,327 consisting of. (i) $535,879.94 against the Facility Property for costs of Additional Facility Public Improvements (the "2021 Facility Assessment"), (ii) $41,034.82 for Waterfront Public Improvement Costs (as shown in Exhibit B of the 2021 Assessment Ordinance) and $325,412.13 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $366,446.95 amount is referred to as the "2021 Related Development Assessment"). The 2021 Assessment Ordinance was recorded as Instrument No. 168472 on September 14th, 2021 in the Real Property Records of Denton County. August 16, 2022 • City Council approved Resolution No. 2022-054 accepting the City of The Colony Public Improvement District No. 1 Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2022 to September 30, 2023), dated August 14th, 2022, including proposed assessment roll for the District, and calling a public hearing ("2022 Assessment Public Hearin ") for September 6, 2022 to consider an ordinance levying assessments in the aggregate amount of $1,304,422 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. October 18, 2022 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2022 Assessment Public Hearing. • After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2022-2491 (the "2022 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. I Annual Service and Assessment Plan Update (Assessment Year October 1, 2022 to September 30, 2023), dated August 14, 2022 (the "2022 Annual Service Plan Update ) and levied Assessments in the aggregate amount of $1,304,421.76 consisting of. (i) $731,985.36 against the Facility Property for costs of Additional Facility Public Improvements (the "2022 Facility Assessment"), (ii) $68,245.18 for Waterfront Public Improvement Costs (as shown in Exhibit B of the 2022 Assessment Ordinance) and $504,191.22 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $572,436.40 amount is referred to as the "2022 Related Development Assessment"). The 2022 Assessment Ordinance was recorded as Instrument No. 149037 on October 21", 2022 in the Real Property Records of Denton County. August 15, 2023 • City Council approved Resolution No. 2023-057 accepting the City of The Colony Public Improvement District No. I Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2023 to September 30, 2024), dated August 15, 2023, including proposed assessment roll for the District, and calling a public hearing ("2023 Assessment Public Hearinlr") for September 5th, 2023 to consider an ordinance levying assessments in the aggregate amount of $1,335,447 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 6 1775,016\1 1 03339,4 Exhibit F to The Colony SAP — Chronological History of City Council Legislative Actions for the District - Page 7 177.016\1103389.4 Exhibit F Chronological History of City Council Legislative Actions for the District September 19, 2023 • After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2023 Assessment Public Hearing. • After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2023-2535 (the "2023 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update (Assessment Year October 1, 2023 to September 30, 2024), dated September 19, 2023 (the "2023 Annual Service Plan Update") and levied Assessments in the aggregate amount of $1,335,447 consisting of: (i) $691,853.18 against the Facility Property for costs of Additional Facility Public Improvements (the "2023 Facili Assessment"), (ii) $61,601.36 for Waterfront Public Improvement Costs (as shown in Exhibit B of the 2023 Assessment Ordinance) and $581,992.92 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $643,594.28 amount is referred to as the "2023 Related DeveIg ment Assessment"). The 2023 Assessment Ordinance was recorded as Instrument No. 101705 on September 201, 2023 in the Real Property Records of Denton County. September 3, 2024 . City Council approved Resolution No. 2024-065 accepting the City of The Colony Public Improvement District No. 1 Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2024 to September 30, 2025), dated September 31 , 2024, including proposed assessment roll for the District, and calling a public hearing ("2024 Assessment Public Hearin ") for September 17th, 2024 to consider an ordinance levying assessments in the aggregate amount of $1,100,261 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. September 17, 2024 . After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2024 Assessment Public Hearing. ■ After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2024-2578 (the "2024 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update (Assessment Year October 1, 2024 to September 30, 2025), dated September 19, 2024 (the "2024 Annual Service Plan U date") and levied Assessments in the aggregate amount of $1,100,261 consisting of: (i) $613,682.54 against the Facility Property for costs of Additional Facility Public Improvements (the "2024 Facility Assessment"), (ii) $47,719.48 for Waterfront Public Improvement Costs (as shown in Exhibit B of the 2024 Assessment Ordinance) and $438,858.56 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $486,578.04 amount is referred to as the "2024 Related Development Assessment"). The 2024 Assessment Ordinance was recorded as Instrument No. 101428 on September 19, 2024 in the Real Property Records of Denton County. August 19, 2025 • City Council approved Resolution No. 2025-092 accepting the City of The Colony Public Improvement District No. I Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2025 to September 30, 2026), dated August 19, 2025, including proposed assessment roll for the District, and calling a public hearing ("2025 Assessment Public Hearing") for September 16, 2025 to consider an ordinance levying assessments in the aggregate amount of $975,272.51 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. Exhibit F to The Colony SAP — Chronological History of City Council Legislative Actions for the District - Page 7 177.016\1103389.4 Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 8 177.016\1103359.4 Exhibit F Chronological History of City Council Legislative Actions for the District September 16, 2025 . After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2025 Assessment Public Hearing. ■ After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2025-2623 (the "2025 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. I Annual Service and Assessment Plan Update (Assessment Year October 1, 2025 to September 30, 2026), dated August 19, 2025 (the "2025 Annual Service Plan Update) and levied Assessments in the aggregate amount of $975,272.51 consisting of. (i) $583,969.62 against the Facility Property for costs of Additional Facility Public Improvements (the "2025 Facili1y Assessment"), (ii) $40,452.38 for Waterfront Public Improvement Costs (as shown in Exhibit C of the 2025 Assessment Ordinance) and $350,850.51 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $391,302.89 amount is referred to as the "2025 Related Development Assessment"). The 2025 Assessment Ordinance was recorded as Instrument No. 104293 on September 17, 2025 in the Real Property Records of Denton County. September 1, 2026 a City Council approved Resolution No. 2026- accepting the City of The Colony Public Improvement District No. 1 Preliminary Annual Service and Assessment Plan Update (Assessment Year October 1, 2026 to September 30, 2027), dated September 1, 2026, including proposed assessment roll for the District, and calling a public hearing ("2026 Assessment Public Hearing) for September 15, 2026 to consider an ordinance levying assessments in the aggregate amount of $988,616.88 on benefitted property within the District, and directing publication and mailing of statutory notices for such hearing. September 15, 2026 After notice was properly mailed and published and required by the PID Act, the City Council conducted the 2026 Assessment Public Hearing. After considering all written and documentary evidence presented at the public hearing described above, the City Council approved Ordinance No. 2026- (the "2026 Assessment Ordinance") which approved the City of The Colony Public Improvement District No. 1 Annual Service and Assessment Plan Update (Assessment Year October 1, 2026 to September 30, 2027), dated September 15, 2026 (the "2026 Annual Service Plan Update") and levied Assessments in the aggregate amount of $988,616.88 consisting of. (i) $558,051.65 against the Facility Property for costs of Additional Facility Public Improvements (the "2026 Facility Assessment"), (ii) $36,080.65 for Waterfront Public Improvement Costs and $394,484.50 for Related Development Public Improvements Costs against the benefitted portions of the Related Development Property (collectively, the aggregate $430,565.15 amount is referred to as the "2026 Related Development Assessment"). The 2026 Assessment Ordinance was posted on the City's website on , 2026 and recorded as Instrument No. in the Real Property Records of Denton County on or before September 22, 2026. Exhibit F to The Colony SAP -- Chronological History of City Council Legislative Actions for the District - Page 8 177.016\1103359.4