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Ordinance 2003-54 200300032746 Filed for Record in KENDALL COUNTY, ILLINOIS PAUL ANDERSON 09-10-2003 At 02:44 PMa ORDINANCE NO. 2003-54 _ ORDINANCE 53.00 AN ORDINANCE ESTABLISHING UNITED CITY OF YORKVILLE SPECIAL SERVICE AREA NUMBER 2003-100 (R.AINTREE VILLAGE) BE IT ORDAINED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS,AS FOLLOWS: Section 1. Authori . The United City of Yorkville (the "C ") is authorized, pursuant to Article VII, Section 7(6) of the Constitution of the State of Illinois, and pursuant to the provisions of the Illinois Special Service Area Tax Law, 35 ILCS 200/27-5 et seq. (the "Act"), to establish special service areas for the provision of special governmental services in portions of the City and to levy or impose a special tax and to issue bonds for the provision of such special services. Section 2. Findings. (a) The question of establishment of the area hereinafter described as a special service area (the "Special Service Area") was considered by the City Council of the City pursuant to "An Ordinance Proposing the Establishment of Special Service Area Number 2003-100 in the United City of Yorkville and Providing for Other Procedures in Connection Therewith," being Ordinance No. 2003-27, adopted on April 22, 2003. The establishment of the Area was considered at a public hearing commenced on July 8, 2003, and finally adjourned on July 8, 2003 (the "Public Hearin;"). The Public Hearing was held pursuant to notice duly published in the Kendall County Record, a newspaper of general circulation within the City, on June 12, 2003, which was at least fifteen (15) days prior to the Public Hearing, and also pursuant to notice by mail addressed to the person or persons in whose name the general taxes for the last preceding year were paid on each lot, block, tract or parcel of land lying within the Area. Said notice by mail was given by depositing said notice in the United States mail not less than ten(10) days prior to the date set for the Public Hearing. In the event taxes for the last preceding year were not paid, said notice was sent to the person last listed on the tax rolls prior to that year as the owner of said property. A certificate of publication of notice and evidence of mailing of notice are attached to this Ordinance as Exhibit A and Exhibit B, respectively. Said notices conform in all respects to the requirements of the Act. (b) At the Public Hearing, all interested persons were given an opportunity to be heard on the question of the issuance of bonds to finance a part of the cost of engineering, soil testing and appurtenant work, mass grading and demolition, storm water management facilities, storm drainage systems and storm sewers, site clearing and tree removal, public water facilities, sanitary sewer facilities, erosion control measures, roads, streets, curbs, gutters, street lighting, traffic controls, sidewalks, equestrian paths and related street improvements, and equipment and materials necessary for the maintenance thereof, landscaping, wetland mitigation and tree installation, costs for land and easement acquisitions relating to any of thie foregoing improvements, required tap-on and related fees for water or sanitary sewer services and other eligible costs (collectively, the "Improvements"), on the question of the conditions for participating in the Special Service Area as more particularly set forth herein, and on the 011,1136554 5 question of the retirement of said bonds as due from time to time by a levy of a tax on real property within the Area. (c) After considering the data as presented to the City Council of the City and at the Public Hearing, the City Council of the City finds that it is in the best interests of the City and of the residents and property owners of the United City of Yorkville Special Service Area Number 2003-100 that the Special Service Area, as hereinafter described, be established. (d) There are no electors residing within the Special Service Area. All owners of record of all taxable property lying within the Special Service Area have executed a waiver of objection to the creation of the Special Service Area, the levy of the Special Tax as described herein and the issuance of bonds and a consent to the creation of the Special Service Area. (e) The Special Service Area is compact and contiguous as required by the Act. (f) An annual special tax based upon a special tax roll levied against each residential lot and each parcel in the Special Service Area as herein described does not exceed the tax rate or method proposed in the notice of public hearing referred to herein and such special tax, taking into account the direct and indirect special service benefits to current and future owners of property within the Special Service Area, bears a rational relationship between the amount of tax levied against each lot, block, tract and parcel of land in the Special Service Area and the special service benefit conferred, (g) It is in the best interests of the City that the Special Service Area be created for the financing of the Improvements within the Special Service Area:, that the Improvements be financed by the sale of bonds, and that taxes be levied on real property within the Special Service Area to retire the bonds and to cover costs and expenses connected with the financing of Improvements within the Special Service Area. (h) It is in the best interests of the United City of Yorkville Special Service Area Number 2003-100 that the furnishing of the Improvements proposed be considered for the common interests of the Special Service Area and that the Special Service Area will benefit specially from the Improvements, Section 3. United City of Yorkville Special Service Area Number 2003-100 Established. A special service area to be known and designated as "United City of Yorkville Special Service Area Number 2003-100" is hereby established and shall consist of the contiguous territory legally described in Exhibit C hereto, and outlined on the map of a portion of the City attached as Exhibit D hereto, which description and map are by this reference incorporated herein and made a part hereof. Section 4. Purpose of Area. United City of Yorkville Special Service Area Number 2003-100 is established to provide special services to the Special Service Area in addition to services provided in the City generally. United City of Yorkville Special Service Area Number 2003-100 is also created so that bonds may be issued for the purposes aforesaid (the "Bonds"), payable from taxes levied on real property in the Special Service Area in accordance with the special tax roll established by this Ordinance. Such taxes shall be levied in addition to all other City taxes so levied, provided no Bonds shall be issued in excess of the principal amount of $15,000,000 or at an interest rate to exceed the greater of nine percent (9%) per annum or 125% of the rate for the most recent date shown in the 20 G.O. Bonds Index of average municipal bond yields as published in the most recent edition of The Bond Buyer, published in New York, New York, at the time the contract is made for the sale of the Bonds and the Bonds shall mature within not more than forty (40) years from their date. Section 5. Special Tax Roll for Bond Retirement. In lieu of an ad valorem tax to be levied and extended for the payment of principal of and interest on any Bonds issued on behalf of the Special Service Area, a special tax roll is hereby established. Such special tax roll shall be used only for levying and extending taxes for the payment of principal of and interest on any Bonds issued for the purposes set forth in Section Four hereof and the administration and maintenance of the Special Service Area. The description of the special tax roll shall be as set forth in the "United City of Yorkville Special Service Area Number 2003-100 Special Tax Roll and Report" substantially in the form attached as ELc hibit Exhibit E hereto, which description is by this reference incorporated herein and made a part hereof. Section b. Supercede Conflicting Ordinance. All ordinances or parts of ordinances in conflict with the provisions of this ordinance are repealed to the extent of such conflict. Section 7. Effective Date. This Ordinance shall be in full force and effect from and after its passage and approval in the manner provided by law. PASSED BY THE CITY COUNCIL OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS this 12th day of August, 2003. PAUL JAMES MARTY MUNNS RICHARD STICKA WANDA O'H.ARE VALERIE BURR ROSE SPEARS LARRY KOT t A JOSEPH BESCO PASSED AND APPROVED this day o , 2003. Mayor ATTEST: [SEAL) i �2(003 "'44 CERTI F I CRTE OF PUBLICATION I, Jeffery A. Farren, do hereby certify that I am the publisher of the Kendall County Record, a weekly secular newspaper of general circulation, regularly published in the City of Yorkville, in the County of Kendall and the State of Illinois; and I hereby further certify that the notice a copy of which is attached hereto, in the matter of Public Notice - City of Yorkville Special Service Area Number 2003-100 Highlands ��ia'r", v e,`r. �j; lkfi. was published once each week for 1 successive weeks in said Newspaper, the first insertion being on the 12th day of June, 2003, and the last insertion being on the 12th day of June, 2003, and we further certify that the said Kendall County Record was regularly published continuously for more than six months in the City of Yorkville in said County, next preceding the first publication of said notice, and that we are duly authorized to make proof of matters published in the said Kendall County Record. Iven under my hand and seal at Yorkville, Illinois this 2th day of June, 2003. 1� .-..... ........ .................. bL Publisher The Kendall County Record is a newspaper as defined in Act- Chapter 100, Sections 1 and 5, Illinois Revised Statues. PXC0R Thursday,June 12,2003 maximum rate of such taxes Service Area Number 2003- SHOWN ON A PLAT 135.00 FEET; THENCE OF NORTH R47 52'AST, Public Notice to be extended In am year. 100 is filed with the City Gerk RECORDED IN PLAT BOOK NORTH 00' 14' 18' WEST AND A CHORD DISTANCE -_NOTICE OF HEARING within the proposed special of the City of Yofkville within 5 AT PAGE 16 AND NOW IN 106.00 FEET; THENCE I OF NORTH 3 FEET,THENCE service area which shall not 60 days fallowing the final CABINET OF PLATS AT NORTH 89' 45'x2' EAST, 6.64 FEET TO A POINT UNITED CITY OF exceed amoum necessary adjoummenl of the Dublfe SLOT 303;HENCE SOUTH 201.00 FEET; THENCE ON THE CENTERLINE OF YORKVILLE to produce a maximum annual hearing objecting to th e 76' S3' 04' EAST ALONG NORTH 00' 1d' 18'WEST, SPECIAL SERVICE AREA ' tax levy of $1,500,000 in creation of the special service SAID SOUTHWESTERLY 58.58 FEET TO A POINT OF ILLINOIS ROUTE 126 NUMBER 2003-100 NOTICE IS HEREBY accordance with the special area:the issuance of bonds LINE, 599.82 FEET TO AN .CURVATURE; THENCE THROUGH WHICH A RADIAL GIVEtdthatpnJuty6.2003at mlcrdlrefemedbbelow' tax serv0icesptovtha special ANGLE POINT IN SAID the SOUTHWESTERLY LINE; CURVE CONCAVE CONCAVE 23'36 gEEASTNOTHENCE 7;00-p.m.at the YorlMlie City• (Iq the issuance of special ALONG 14all,800 Game Farts Road, bonds in an aggregate levy of taxes affecting the AST THENCE SOUTH ALONG'55'31A EST OF HAVING A FEET,AN NOR H W CENTERLINE. A Yolk,"d&6s a hearing will principal amount not to area,no such area may be ,be held by the CetyofYorkville i;�esdt�,500 OOOO % c �t be ts�sutledn� � Ip OAK WILL FARM', FEET,ACHORD BEARING SOUTHWESTERLY HAVING tb,consider forming a special the greater of nine percent(9 or imposed. 947.27 FEET; THENCE OF NORTH 08' 51' 33' A RADIUS OF 6875.55 FEET, �w"at"to be celled• %)per annum or 125%of the EXHIBIT 1 NORTH 47' 04'29' EAST, WEST, AND A CHORD AN ARC LENGTH OF 134.09 pJ'ypikv(9e,.Special Service rate for the most recent date - SSA NORTH -THE 33.00 FEET; THENCE DISTANCE OF 9963 FEET; FEET.A CHORD BEARING Asa,Number 2003-1 D0,' shown In the 20 G.O.Bonds HIGHLANDS PART OF HE NORTH 42'55'31'WEST, THENCE NORTH t7'26'47' OF NORTH 51'09'55'WEST consisting of the territory Index of average municipal SOUTHWEST QUARTER OF 90.00 FEET TO A POINT OF WEST, 22.02 FEET TO A AND A CHORD DISTANCE �legallydescribed,in Eidtibtt 1 bond yields as published in SECTION 3 AND PART OF CURVATURE; THENCE POINT ON A CURVE OF 134.09 FEET;THENCE -tpAhls N°�' the most recant edition of The THE SOUTH HALF OF NORTHWESTERLY AND THROUGH WHICH A RADIAL NORTH 51'47' 55' WEST Ylie-.ap)iroxima[e-street publ ished In New SECTION 4 AND PART OF NORTHERLY ALONG A LINE BARS NORTH 15'26 ALONG SAID CENTERLINE, ;,joFdy g on Is the.area.ener20 Bond Buyer, y York,New York at the time SECTION 9 AND PART OF CURVE CONCAVE NORTH 27' WEST; THENCE 345.70 FEET TO A POINT OF :depicted 9h the,map of a ortlgn cif the City;which is the contract is made for the THE NORTHWEST EASTERLY HAVING A EASTERLY ALONG A CURVATURE,RADIAL L "attacbaed as Exhibit 2 0 this sale u of fwthe bonds, and Years QUARTER IN TOWNSHIP 36 AR IUL LENGTH OFFEET.19 SOUTHERLY HAVING VA SEARS NORTH 39 01`(36'AN CURVE Notice THENCE The general purpose of tl1e from the date of their NORTH.RANGE 7 AST OF FEET.A CHORD BARING RADIUS OF 1272.1)0 FEET, EAST; .formation_of the City of issuance. The bonds, if THE THIRD PRINCIPAL OF NORTH 21'27'45'WEST, AN ARC LENGTH OF 317.92 NORTHWESTERLY ALONG Yorkville Special Service Area levy annual ax OLLLOW&BEGINNING AT OF 2 0.76 FEE DISTANCE THENCE OF NORTH fr 43'BEARING AST AAIOCUERVERLICONCA E Number 2003.100 is to Y provide ,special .municipal established pursuant to a THE INTERSECTION OF 73098TH FEET;0 T ENCE OF 317 09 FEET;(HENCE SOUTHWESTERLY RADIUS OF 2292.35 FEET, services to the area which special lax roll to pay s it THE CENTERLINE OF may inUuds:engineering,soil Interest on such bonds as it ILLINOIS STATE ROUTE N0. NORTH 90' 00' 00' EAST, NORTH BB'52' 46' AST, AN ARC LENGTH BARING testing and appurtenant work, falls due and to discharge the 71 WITH THE EASTERLY 135.00 FEET; THENCE 313.55 FEET; THENCE FEET.A CHORD BEARING mass grading and demoiition, principal thereof at maturity LINE OF THE ABANDONED NORTH 50' 53' 55' EAST, SOUTH 00' 14' 18' EAST, OF NORTH 56' i t' S8' storm wafer, management and to pay the costs of RIGHT OF WAY OF THE 90.20 FEET; THENCE 324.16 FEET; THENCE WEST, AND A CHORD facilities, storm drainage administration and FOX AND ILLINOIS UNION N�39TFEET TO A DINT OF SOUTH BFEET/ THENCE THENCE SOUTH 336 0'34' systems and storm sewers, maintenance of the special RAILWAY COMPANY; site clearing and tree removal, service area,said tax to be THENCE SOUTH 12'43'53' CURVATURE, THENCE SOUTH 71' T;06'WEST, WEST, 542.27 FEET; public water facilities,sanitary levied upon all taxable EAST ALONG SAID NORTHEASTERLY ALONGA SOOT FEET; THENCE THENCE SOUTH 62'FE T; sewer acfaces, erosion property within the proposed EASTERLY LINE, 1102.34 CURVE CONCAVE SOUTH 89' 45'42' WEST, WEST, 853.57 FEET; control measures, roads, special service area. FEET TO A POINT OF NORTHWESTERLY RDIUS OF 6700 FEET. SOUTH 00- 114' 18'H EAST, WEST,E SOUTH 3 5 659 FEET; IS- streets'curbs,guners,street At the hearing, all CURVATURE;. THENCE Ii curbs.gu controls, interested persons affected by SOUTHERLY ALONG SAID AN ARC LENGTH OF 61.89 60.00 FEET; THENCE THENCE NORTH 59'30'15' sidewalks,equestrian paths the formation of such special EASTERLY LINE BEING A FEET,A CHORD BEARING NORTH 89' 45' 42' THENCE HENCE NORTH 101'47'E 1' and related street service area, including all CURVE CONCAVE OF NORTH 63'32'15'AST, 270.00 FEET; improvements,and equipment persons owning taxable real WESTERLY HAVING A AND A CHORD DISTANCE NORTH 71' 50' 06' EAST, EAST,402.10 FEET TO AN and moments,necessary for estate therein,may file written RAOIU5 OF 164x.91 FEET. OF 59.71 FEET; THENCE 69.37 FEET; THENCE OLD CLAIM LINE;THENCE the maintenance thereof, objections to and be heard AN ARC LENGTH OF 540.21 NORTH 37' 0O 29' EAST. NORTH F 45'.42' AST, SOUTH SAID S4' 44'WEST landscaping, , wetland orally regarding the formation FEET,A CHORD BEARING 566.88 FEET E; THENCE NORTH FEET; THENCE ALONG SAID OLD CLAIM THE .mitigation and tree installation, of and the boundaries of the OF SOUTH 03'19'23"AST CURVATURE; THENCE 5.13" FEET; 1 THENCE WEST LANE FEET OF OTHE costs for land and easement special service area, the AND A CHORD DISTANCE NORTHEASTERLY, acquisitions,relating to any of issuance of bonds and the OF 537.78 FEET;THENCE EASTERLY AND NORTH Bfi'S2' 46' EAST, SOUTHWEST QUARTER OF the foregoing improvements, levy of axes affecting the SOUTH 06'05'07' WEST SOUTHEASTERLY ALONG A 510.04 FEET: THENCE SAID SECTION 3, ALSO required tap-on and related area. The hearing maybe ALONG SAID EASTERLY CURVE CONCAVE SOUTH 01'07' 14' AST, BONG A POINT ON THE fees for water or sanitary adjourned by the Cm/Council LINE. 27.35 FEET TO A RDIUS SOUTHERLY 158.00 EET AN NORTH 88'E52'46'HEAST, COUNTRY A ERLY LINE HILLS O sewer services antl other without further notice other POINT OF CURVATURE; than a motion to be entered THENCE SOUTHERLY ARC LENGTH OF 246.22 508.72 FEET; THENCE SUBDIVISION PHASE ONE -eligible costs. ALONG SAID EASTERLY FEET,A CHORD BEARING NORTH 01'07' 14'WEST, TO THE CITY OF There will also be upon the minutes of Its LINE. BEING A CURVE OF NORTH 81'43'09'EAST 626.99 FEET; THENCE YORKVILLE, ILLINOIS, considered Ther al the hearing the meeting fixing the time and CONCAVE EASTERLY AND A CHORD DISTANCE NORTH 88' 52' 46' EAST, THENCE SOUTH 55'21'3Y following alternative methods place of its adjournment. HAVING A RADIUS OF OF 222.05 FEET;THENCE 399.03 FEET TOA POINT 0F WEST, ALONG SAID of financing improvements If a petition signed by at 1607.46 FEET, AN ARC NORTH 36'21'48' EAST, CURVATURE; THENCE SOUTHEASTERLY LINE AND .within the proposed special least 51% of the electors 125,19 FEET; THENCE EASTERLY AND ITS WESTERLY Service area:'(i)the levy of a residing within the'City of LENGTH OF EAR( FEET,A NORHASTERLY ALONG A EXTENSION,1408.23 FEET W ice a city in the Proposed Yorkville Special Service Area CHORD BEARING OF NORTH F 45' a2' EAST, special service area,sufficient Number 2003.100 and by at SOUTH 03'a4' 23' WEST 264.17 FEET; THENCE CURVE CONCAVE TO THE SOUTH LINE OF special produce revenues to least 51%of the owners of AND A CHORD DISTANCE NORTH Do' 14'1 e' WEST, NORTHWESTERLY HAVING OF SOUTHEAST SAID SECTION QUARTER; provide special municipal record of the land Included OF 131.57 FEET TO A 80.00 FEET: THENCE A RADIUS OF 390.00 FEET, OF SAID SECTION 4; services to the unici al within the boundaries of the SOUTHWESTERLY LINE OF SOUTH 89' 45'42' WEST, AN ARC LENGTH OF 341.x5 THENCE SOUTH 55'44'12' FEET,A CHORD BEARING WEST, 911.49 FEET; Special service area; the City-of Yorkville Special 'OAK HILL FARM' A5 _-_ - ,_ - THENCE NORTH 23'49'34' WEST, ALONG THE SPECIAL SERVICE AREA (SSA) EXHIBIT SOUTHWESTERLY LINE F SAID COUNTRY HILLS SUBDIVISION,1785.26 FEET TO THE CENTERLINE OF '�� 9"''.-,•�, �'�' _ `•�.-� ILLINOIS STATE ROUTE NO 71;THENCE SOUTH 72'02 '�,.= •�.•L I 59' WEST ALONG SAIC CENTERLINE,428.59 FEEL EXHIBIf 2 :4� •,' �� TO THE NORTHEASTERLI •�, ' CORNER OF TH r GREENAWALT- TRAC DESCRIBED IN A OUI CLAIM DEED RECORDE AS. DOCUMENT N( 9507730 ON SEPTEMBE 25, 1995;THENCE SOUT rC c 5 - - \ - _ .� `\ j• 23' 55' at' EAST ALON 1 \ - \ ,I •,` .. THE EASTERLY LINE C %1- SAID GREENAWALT TRAC kOeR �i^�_a+��-� .i - / I t{- 440.80 FEET THENC SOUTH 72' 02' 59' WE! ALONG THE SOUTHERI LINE OF SAI �•fuq^{1II �� - - c7F.4�.v GREENAWALT TRAC 644.00 FEET; THEN( NORTH 23' 55' 01' WE! ALONG THE WESTER LINE OF SA 3MAH 036tU'i?A GREENAWALT TRAC 440.80 FEET- TO SF vdelsn zi eo't•`1 �•c�`• CENTERLINE OF ILLINC E00$ n10d 'A'. c U c - - STATE ROUTE NO. edl i u sw f - - -- - THE SOUTH 72'02' 10 MrsiO •%�sr t - WEST ALONG SO CENTERLINE, 46.36 FE p.a 2e, y * _ _ TO THE POINT 1,I5 to a „ _ _ ;� .. BEGINNING,'IN KEND) .pnmwr�,�•2 ce - - .. .._. TOWNSHIP, KENDA O4.rrcn� _ - COUNTY, ILLINC 'f J03V4. 5 ACRES)INING 162.62' KCR-2 li Yl l (!' SSA NORTH-THE HIGHLANDS PART OF THE SOUTHWEST QUARTER OF SECTION 3 AND PART OF THE SOUTH HALF OF SECTION 4 AND PART OF SECTION 9 AND PART OF THE NORTHWEST QUARTER OF SECTION 10, ALL IN TOWNSHIP 36 NORTH, RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE CENTERLINE OF ILLINOIS STATE ROUTE NO. 71 WITH THE EASTERLY LINE OF THE ABANDONED RIGHT OF WAY OF THE FOX AND ILLINOIS UNION RAILWAY COMPANY; THENCE SOUTH 12' 43' 53" EAST ALONG SAID EASTERLY LINE, 1102.34 FEET TO A POINT OF CURVATURE; THENCE SOUTHERLY ALONG SAID EASTERLY LINE BEING A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 1644.91 FEET, AN ARC LENGTH OF 540.21 FEET, A CHORD BEARING OF SOUTH 03' 19' 23" EAST AND A CHORD DISTANCE OF 537.78 FEET; THENCE SOUTH 06° 05' 07" WEST ALONG SAID EASTERLY LINE, 27.35 FEET TO A POINT OF CURVATURE; THENCE SOUTHERLY ALONG SAID EASTERLY LINE, BEING A CURVE CONCAVE EASTERLY HAVING A RADIUS OF 1607.46 FEET, AN ARC LENGTH OF 131.61 FEET, A CHORD BEARING OF SOUTH 03° 44' 23" WEST AND A CHORD DISTANCE OF 131.57 FEET TO A SOUTHWESTERLY LINE OF "OAK HILL FARM" AS SHOWN ON A PLAT RECORDED IN PLAT BOOK 5 AT PAGE 16 AND NOW IN CABINET OF PLATS AT SLOT 303; THENCE SOUTH 76' 53' 04" EAST ALONG SAID SOUTHWESTERLY LINE, 599.82 FEET TO AN ANGLE POINT IN SAID.' SOUTHWESTERLY LINE; THENCE SOUTH 52` 55' 31" EAST ALONG A SOUTHWESTERLY LINE OF SAID "OAK HILL FARM", 947.27 FEET; THENCE NORTH 47' 04' 29" EAST, 3').00 FEET; THENCE NORTH 42° 55' 31" WEST, 90.00 FEET TO A POINT OF CURVATURE; THENCE NORTHWESTERLY AND NORTHERLY ALONG A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 370.00 FEET, AN ARC LENGTH OF 277.19 FEET, A CHORD BEARING OF NORTH 21' 27' 45" WEST, AND A CHORD DISTANCE OF 270.76 FEET; THENCE NORTH 00° 00' 00" WEST, 73.86 FEET; THENCE NORTH 90° 00' 00"EAST; 135.00 FEET; THENCE NORTH 50° 53' 55" EAST, 90.20 FEET;THENCE NORTH 90° 00' 00" EAST, 11.39 FEET TO A POINT OF CURVATURE; THENCE NORTHEASTERLY ALONG A CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 67.00 FEET, AN ARC LENGTH OF 61.89 FEET, A CHORD BEARING OF NORTH 63° 32' 15" EAST, AND A CHORD DISTANCE OF 59.71 FEET; THENCE NORTH 37' 04' 29" EAST, 566.88 FEET TO A POINT OF CURVATURE; THENCE NORTHEASTERLY, EASTERLY AND SOUTHEASTERLY ALONG A CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 158.00 FEET, AN ARC LENGTH OF 246.22 FEET, A CHORD BEARING OF NORTH 81* 43' 09" EAST AND A CHORD DISTANCE OF 222.05 FEET; THENCE NORTH 36' 21' 48" EAST, 125.19 FEET; THENCE NORTH 89° 45' 42" EAST, 284.11 FEET; THENCE NORTH 00° 14' 18" WEST, 80.00 FEET;THENCE SOUTH 89° 45' 42" WEST, 135.00 FEET; THENCE NORTH 00° 14' 18" WEST, 106.00 FEET; THENCE NORTH 89' 45' 42" EAST, 201.00 FEET; THENCE NORTH 00° 14' 18" WEST, 58.58 FEET TO A POINT OF CURVATURE; THENCE 2 NORTHERLY ALONG A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 333.00 FEET, AN ARC LENGTH OF 100.21 FEET, A CHORD BEARING OF NORTH 08° 51' 33" WEST, AND A CHORD DISTANCE OF 99.83 FEET; THENCE NORTH 17° 28' 47" WEST, 22.02 FEET TO A POINT ON A CURVE THROUGH WHICH A RADIAL LINE BEARS NORTH 15° 26' 27" WEST; THENCE EASTERLY ALONG A CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 1272.00 FEET, AN ARC LENGTH OF 317.92 FEET, A CHORD BEARING OF NORTH 81- 43' 10"EAST AND A CHORD DISTANCE OF 317.09 FEET; THENCE NORTH 88° 52' 46"EAST, 313.55 FEET; THENCE SOUTH 00' 14' 18" EAST, 324.16 FEET; THENCE SOUTH 89° 45' 42" WEST, 270.00 FEET; THENCE SOUTH 71° 50' 06" WEST, 69.37 FEET; THENCE SOUTH 89° 45' 42" WEST, 270.00 FEET; THENCE SOUTH 00° 14' 18" EAST, 80.00 FEET; THENCE NORTH 89' 45' 42"EAST, 270.00 FEET; THENCE NORTH 71' 50' 06" EAST, 69.37 FEET; THENCE NORTH 89° 45' 42" EAST, 336.00 FEET; THENCE NORTH 00' 14' 18"WEST, 57.13 FEET; THENCE NORTH 88° 52' 46" EAST, 510.04 FEET; THENCE SOUTH 01° 07' 14" EAST, 626.99 FEET; THENCE NORTH 88' 52' 46"EAST, 508.12 FEET; THENCE NORTH 01' 07' 14" WEST, 626.99 FEET; THENCE NORTH 88' 52' 46"EAST, 399.03 FEET TO A POINT OF CURVATURE; THENCE EASTERLY AND NORTHEASTERLY ALONG A CURVE,CONCAVE NORTHWESTERLY HAVING A RADIUS OF 390.00 FEET, AN ARC LENGTH OF 341.45 FEET,A CHORD BEARING OF NORTH 63° 47' 52" EAST, AND A CHORD DISTANCE OF 330.65 FEET; THENCE NORTH 38' 42' 59" EAST, 1716.64 FEET TO A POINT ON THE CENTERLINE OF ILLINOIS ROUTE 126 THROUGH WHICH A RADIAL LINE BEARS NORTH 39' 23' 36" EAST; 3 THENCE NORTHWESTERLY ALONG SAID CENTERLINE, BEING A CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 6875.55 FEET, AN ARC LENGTH OF 134.09 FEET, A CHORD BEARING OF NORTH 51- 09' 55" WEST AND A CHORD DISTANCE OF 134.09 FEET; THENCE NORTH 51' 47' 55" WEST ALONG SAID CENTERLINE, 345.70 FEET TO A POINT OF CURVATURE THROUGH WHICH A RADIAL LINE BEARS NORTH 38° 01' 36" EAST; THENCE NORTHWESTERLY ALONG SAID CENTERLINE,BEING A CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 2292.35 FEET, AN ARC LENGTH OF 338.16 FEET, A CHORD BEARING OF NORTH 56° 11' S8" WEST, AND A CHORD DISTANCE OF 337.86 FEET; THENCE SOUTH 33° 30' 34" WEST, 542.27 FEET; THENCE SOUTH 62° 39' 08" WEST, 853.57 FEET; THENCE SOUTH 59° 51' 04" WEST, 355.65 FEET; THENCE NORTH 59° 30' 15"WEST, 256.51 FEET; THENCE NORTH 01' 47' 11" EAST, 402.10 FEET TO AN OLD CLAIM LINE; THENCE SOUTH 57' 54' 44" WEST ALONG SAID OLD CLAIM LINE, 299.00 FEET TO THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 3, ALSO BEING A POINT ON THE SOUTHEASTERLY LINE OF COUNTRY HILLS SUBDIVISION PHASE ONE TO THE CITY OF YORKVILLE, ILLINOIS; THENCE SOUTH 55' 21' 32" WEST,ALONG SAID SOUTHEASTERLY LINE AND ITS WESTERLY EXTENSION, 1408.23 FEET TO THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 4; THENCE SOUTH 55° 44' 12" WEST, 911.49 FEET; THENCE NORTH 23° 49' 34" WEST, ALONG THE EXTENSION OF AND THE SOUTHWESTERLY LINE OF SAID COUNTRY HILLS SUBDIVISION, 1785.26 FEET TO THE CENTERLINE OF ILLINOIS STATE ROUTE NO. 71; 4 THENCE SOUTH 72° 02' 59" WEST ALONG SAID CENTERLINE, 428.59 FEET TO THE NORTHEASTERLY CORNER OF THE GREENAWALT TRACT DESCRIBED IN A QUIT CLAIM DEED RECORDED AS DOCUMENT NO. 9507730 ON SEPTEMBER 25, 1995; THENCE SOUTH 23' 55' 01" EAST ALONG THE EASTERLY LINE OF SAID GREENAWALT TRACT.. 440.80 FEET; THENCE SOUTH 72° 02' 59" WEST ALONG THE SOUTHERLY LINE OF SAID GREENAWALT TRACT, 644.00 FEET; THENCE NORTH 23° 55' 01" WEST ALONG THE WESTERLY LINE OF SAID GREENAWALT TRACT, 440.80 FEET TO SAID CENTERLINE OF ILLINOIS STATE ROUTE NO. 71; THENCE SOUTH 72° 02' 59"WEST ALONG SAID CENTERLINE, 46.36 FEET TO THE POINT OF BEGINNING, IN KENDALL TOWNSHIP, KENDALL COUNTY, ILLINOIS (CONTAINING 162.625 ACRES) 5 l ��q 4 rpi�hl valsrn��hrMltbrt7lHa JY �I{Il h.,lewf a Wf• 1 Il.wun. ' ,p � _ Y M• � tpip]p Y � — Y+ t%j� •'huh � �. Y C5 I. V S /nrf • -0' t + 1 X �• Cj aF +Yyy, s Vlnvwwr�•�. Ci _ 4+ l 1 1t 1 € 1�p6 a'11 Q 1/1 O4 � �Ir•�cl i rlb„ �w 4l • � (( ,-, UNITED CITY OF YORKVILLE SPECIAL SERVICES AREA NUMBER 2003-100 SPECIAL TAX ROLL AND REPORT September 4, 2003 UNITED CITY OF YORKVILLE SPECIAL SERVICE AREA NUMBER 2003-100 SPECIAL TAX ROLL AND REPORT Prepared for Prepared by UNITED CITY OF YORKVILLE DAVID TAUSSIG&ASSOCIATES,INC. 800 Game Farm Road 1301 Dove Street, Suite 600 Yorkville, IL 60560 Newport Beach, CA 92660 (630) 553-7575 (949) 955-1500 UNITED CITY OF YORKVILLE SPECIAL SERVICE AREA NUMBER 2003-100 SPECIAL TAX ROLL AND REPORT TABLE OF CONTENTS Section Page I. INTRODUCTION....................................................................................................................1 II. DEFINITIONS........................................................................................................................1 III. SPECIAL SERVICE AREA DESCRIPTION..............................................................................3 A. BOUNDARIES OF SSA No. 2003-100............................................................................3 B. ANTICIPATED LAND USES.............................................................................................3 IV. SPECIAL SERVICES..............................................................................................................3 A. GENERAL DESCRIPTION................................................................................................4 B. ESTIMATED COSTS........................................................................................................4 C. ALLOCATION.................................................................................................................5 D. ALTERNATIVES,MODIFICATIONS,AND/OR SUBSTITUTIONS.......................................10 V. BOND ASSUMPTIONS..........................................................................................................11 VI. MAXIMUM PARCEL SPECIAL TAX....................................................................................11 A. DETERMINATION.........................................................................................................11 B. APPLICATION..............................................................................................................13 C. ESCALATION...............................................................................................................13 D. TERM..........................................................................................................................13 E. SPECIAL TAX ROLL AMENDMENT...............................................................................13 F. OPTIONAL PREPAYMENT.............................................................................................13 G. MANDATORY PREPAYMENT........................................................................................14 VII. ABATEMENT AND COLLECTION........................................................................................14 A. ABATEMENT ...............................................................................................................14 B. COLLECTION PROCESS................................................................................................14 C. ADMINISTRATIVE REVIEW..........................................................................................15 VIII. AMENDMENTS....................................................................................................................15 List of Exhibits Exhibit A—Special Tax Roll Exhibit B—Prepayment of the Maximum Parcel Special Tax I. INTRODUCTION Pursuant to the provisions of the Act and in accordance with the "Establishing Ordinance" being Ordinance No. 2003-54 passed by the City Council of the United City of Yorkville, County of Kendall, State of Illinois, on August 12, 2003 in connection with the proceedings for Special Service Area Number 2003-100 (hereinafter referred to as "SSA No. 2003-100"), this Special Tax Roll and Report of SSA No. 2003-100 (the "Report") is herewith submitted and made part of the Establishing Ordinance. II. DEFINITIONS The terms used herein shall have the following meanings: "Act" means the Special Service Area Tax Act, being 35 ILCS 200/27-5 et seq., as amended. "Administrative Expenses" means the following actual or reasonably estimated costs permitted in accordance with the Act and directly related to the administration of SSA No. 2003-100 and the Bonds as determined by the City or its designee: the costs of computing the Special Taxes and of preparing the amended Special Tax Roll (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City, the County, or otherwise); the costs of remitting the Special Taxes to the fiscal agent and/or trustee for any Bonds; the costs of the fiscal agent and/or trustee (including its legal counsel) in the discharge of the duties required of it under the Bond Indenture; the costs of the City or designee in computing the amount of rebatable arbitrage, if any; the costs of the City or designee in obtaining ratings of the Bonds; the costs of the City or designee in complying with the disclosure requirements of applicable federal and state securities laws and of the Act, including, but not limited to, public inquiries regarding the Special Taxes; the costs associated with the release of funds from any escrow account or funds held pursuant to the Bond Indenture; and any termination payments owed by the City in connection with any guaranteed investment contract, forward purchase agreement, or other investment of funds held under the Bond Indenture. Administrative Expenses shall also include amounts advanced by the City for any administrative purpose of SSA No. 2003-100 including the costs of computing Special Tax Bond Prepayment amounts, recording of lien satisfaction or other notices related to a Special Tax Bond Prepayment or Mandatory Special Tax Prepayment, discharge or satisfaction of Special Taxes; and the costs of commencing and pursuing to completion any foreclosure action arising from and pursuing the collection of delinquent Special Taxes and the reasonable fees of legal counsel to the City incurred in connection with all of the foregoing. "Administrator" means the designee of the City responsible for determining the Special Taxes and assisting the City and the County in providing for the collection of the Special Taxes, continuing disclosure, and any other administrative efforts related to SSA No. 2003-100. "Bond Indenture" means the trust indenture and any supplemental indentures between the City and the trustee named therein authorizing the issuance of the Bonds. Special Tax Roll and Report Page I City of Yorkville Special Service Area No.2003-100 September 4,2003 "Bonds" means any bonds or other debt, including refunding bonds, whether in one or more series, issued by the City and secured by the Maximum Parcel Special Tax for SSA No. 2003-100, the proceeds of which will be used to finance inter alia, all or a portion of the public improvements. "Calendar Year" means the twelve-month period starting January 1 and ending December 31. "City" means the United City of Yorkville, County of Kendall, State of Illinois. "Council" means the Mayor and City Council, having jurisdiction over SSA No. 2003- 100. "County" means the County of Kendall, Illinois. "Duplex Property" means all Parcels within the boundaries of SSA No. 2003-100 on which the eighty-eight duplex Dwelling Units have been, may be, or are anticipated to be constructed as determined from any Preliminary Plat, or any Final Plat, as applicable. "Dwelling Unit" means a residential dwelling unit. "EDU" means an equivalent dwelling unit. "Final Plat" means a final plat of subdivision approved by the City and recorded with the County. "Mandatory Special Tax Prepayment" means the Special Tax Bond Prepayment required upon a reduction in the anticipated number of Dwelling Units as described more fully in Section VI.G herein and calculated pursuant to Exhibit B attached hereto. "Maximum Parcel Special Tax" means the maximum special tax, determined in accordance with Section VI that can be collected by the City in any Calendar Year on any Parcel. Maximum Parcel Special Taxes means the amount determined by multiplying the greater of the actual or anticipated number of Duplex Property and Single-family Property Dwelling Units by the applicable Maximum Parcel Special Tax. "Maximum SSA Special Taxes" means the Maximum Parcel Special Taxes plus any additional special taxes levied, in accordance with any supplemental ordinances adopted by the City,that can be collected by the City in any Calendar Year. "Parcel" means a lot or parcel within the boundaries of SSA No. 2003-100 shown on a Final Plat and/or PIN Map. "Partial Special Tax Bond Prepayment" means that amount required to partially prepay the Maximum Parcel Special Tax computed pursuant to Exhibit B attached hereto. "PIN Map" means an official map of the County Assessments Division or other authorized County official designating parcels by permanent index number. Special Tax Roll and Report page 2 City of Yorkville Special Service Area No.2003-100 September 4,2003 "Preliminary Plat" means the preliminary subdivision plat for SSA No. 2003-100 approved by the City, as may be amended. "Single-family Property" means all Parcels within the boundaries of SSA No. 2003-100 on which the two hundred single-family homes have been, may be, or are anticipated to be constructed as determined from the Preliminary Plat, or any Final Plat, as applicable. "Special Tax" means the special tax to be extended in each Calendar Year on each Parcel. "Special Tax Bond Prepayment" means that amount required to prepay the Maximum Parcel Special Tax computed pursuant to Exhibit B attached hereto in order to fully release the lien of the Maximum Parcel Special Tax. "Special Tax Requirement" means that amount determined by the City or its designee as required in any Calendar Year to pay: (1) the Administrative Expenses, (2) debt service on any Bonds, (3) reasonably anticipated delinquent Special Taxes, (4) any amount required to replenish any reserve fund established in connection with such Bonds, (5) the costs of credit enhancement and fees for instruments that serve as the basis of a reserve fund in lieu of cash related to any such Bonds and less (6) available funds as directed under the Bond Indenture. "Special Tax Roll" means the Special Tax Roll included herein as Exhibit A, as may be amended pursuant to Section VI.E. III. SPECIAL SERVICE AREA DESCRIPTION A. Boundaries of SSA No. 2003-100 SSA No. 2003-100 consists of approximately one hundred sixty-five (165) acres which is generally located south of State Route 71 between State Route 47 to the west and State Route 126 to the east, the legal description for which is attached as Exhibit D of the Establishing Ordinance. B. Anticipated Land Uses SSA No. 2003-100 is anticipated to consist of 200 single-family homes and 88 duplex Dwelling Units. IV. SPECIAL SERVICES SSA No. 2003-100 has been established to finance certain special services conferring special benefit thereto and which are in addition to the municipal services provided to the City as a whole. A general description, estimated cost, and allocation of these special services are set forth on the following page. Special Tax Roll and Report Page 3 City of Yorkville Special Service Area No.2003-100 September 4,2003 A. GENERAL DESCRIPTION The special services that are eligible to be financed by SSA No. 2003-100 consist of certain public improvements with appurtenances and appurtenant work in connection therewith necessary to serve SSA No. 2003-100 (hereinafter referred to as the "Eligible Improvements"). The Eligible Improvements are generally described as follows: • City sanitary sewer facilities including engineering, soil testing and appurtenant work, mass grading and demolition, site clearing and tree removal, erosion control measurers, wetland mitigation and tree installation, underground repairs, costs for land and easement acquisitions relating to any of the foregoing, required tap-on and related fees for sanitary sewer services and other eligible costs; • City water facilities including engineering, soil testing and appurtenant work, mass grading and demolition, site clearing and tree removal, erosion control measurers, wetland mitigation and tree installation, underground repairs, costs for land and easement acquisitions relating to any of the foregoing, required tap-on and related fees for water services and other eligible costs; • City road facilities including engineering, soil testing and appurtenant work, mass grading and demolition, site clearing and tree removal, erosion control measures, roads, streets, curbs, gutters, street lighting, traffic controls, sidewalks, equestrian paths and related street improvements, and equipment and materials necessary for the maintenance thereof, landscaping, wetland mitigation and tree installation, costs for land and easement acquisitions relating to any of the foregoing improvements, and other eligible costs; • City storm water management facilities including engineering, soil testing and appurtenant work, mass grading and demolition, storm drainage systems and storm sewers, site clearing and tree removal, erosion control measures, landscaping, wetland mitigation and tree installation, underground repairs, costs for land and easement acquisitions relating to any of the foregoing improvements, and other eligible costs. • Costs for land and easement acquisitions relating to City parks and open space. B. ESTIMATED COSTS The estimated costs for the Eligible Improvements and the amounts anticipated to be financed by SSA No. 2003-100 are presented in Table 1 on the following page. Special Tax Roll and Report Page 4 City of Yorkville Special Service Area No.2003-100 September 4,2003 TABLE 1 ESTIMATED COSTS FOR ELIGIBLE IMPROVEMENTS COSTS ANTICIPATED TO BE TOTAL FINANCED BY PUBLIC IMPROVEMENT COSTS SSA NO.2003-100 Sanitary Sewer Facilities $719,442 $308,640 Water Facilities $984,279 $453,943 Road Facilities $3,988,809 $2,353,206 Storm Water Management Facilities $1,953,848 $1,378,365 Parks and Open Space $434,942 $434,942 Grand Total $8,081,320 $4,929,097 C. ALLOCATION Special taxes levied pursuant to the Act must bear a rational relationship between the amount of the special tax levied against each Parcel within SSA No. 2003-100 and the special service benefit rendered. Therefore, the public improvements anticipated to be financed by SSA No. 2003-100 as shown in Table 1 have been allocated in accordance with the benefit rendered to the property therein, with benefit estimated to be a function of (i) the service or benefit area for said improvements and (ii) the relative capacity for said improvements reserved for or used by properties within the benefit area. A discussion of the relevant benefit area(s) and measures of public facilities usage is detailed below. 1. BENEFIT AREA The scope of the eligible public improvements is local in nature, and therefore the benefit area includes only that property within SSA No. 2003-100. The public improvements will be located within SSA No. 2003- 100 and will comprise a portion of the system of infrastructure that makes the special services available to the individual Dwelling Units therein, and therefore benefit is conferred to each such Dwelling Unit. 2. PUBLIC FACILITY USAGE Once the benefit area has been established, the special services may be allocated among the various properties within such area in accordance with use. As is discussed in the following sections, commonly accepted measures for public facility usage indicate that the benefit conferred by the Eligible Improvements applies uniformly by land use type. a. SEWER AND WATER USAGE The primary determinant of sanitary sewer and water usage is the applicable population equivalent, or P.E. Household population is Special Tax Roll and Report Page S City of Yorkville Special Service Area No.2003-100 September 4,2003 the criteria commonly used to project sewer and water service demand. Wastewater Engineering, Third Edition indicates that residential wastewater flow rates are typically determined on the basis of population density and the average per capita contribution of wastewater. The Illinois Environmental Protection Agency's ("IEPA") criteria for water storage and distribution systems assume an everyday use equal to 50 gallons per day per person. In addition, an emergency capacity is set at 50 gallons per day per person. This equates to 350 gallons per day for each single-family home given the applicable IEPA P.E. factor of 3.5 for single- family homes. The IEPA does not publish P.E. factors for duplex dwelling units. However, IEPA indicates that the published P.E. factors for apartments may be used to estimate P.E. for duplex dwelling units. P.E. factors for apartments range from 1.5 to 3.0 depending upon bedroom count. As the duplex dwelling units are anticipated to average between three and four bedrooms each, the P.E. factor of 3.0 for a three bedroom apartments is used. b. ROAD USAGE Road usage is typically computed on the basis of anticipated trip generation. The Institute of Traffic Engineers publication, Trip Generation, Sixth Edition, indicates average weekday trips per single-family detached home of 9.57. As with P. E. factors, trip factors for duplex dwelling units are not published in Trip Generation, Sixth Edition. However, Trip Generation, Sixth Edition states that the number of vehicles and residents have a high correlation with the average weekday trips for residential land uses. As vehicle counts are obviously unknown at present, household size is used to estimate the average weekday trips for duplex Dwelling Units. Multiplying the population ratio between a duplex Dwelling Unit and a single-family home of eighty-five and seven- tenths (85.7%), or 3.0 divided by 3.5, by the average weekday trips for single-family homes yields an estimated 8.20 trips for a duplex Dwelling Unit. C. STORM SEWER USAGE Storm sewer facilities are sized based upon estimated storm flows which vary with the size of the tributary drainage area, slope, soil type, antecedent runoff condition, and impervious ground cover. In its "Urban Hydrology for Small Watersheds: TR-55" (the "TR-55 Manual"), the United States Department of Agriculture indicates average "runoff curve numbers" for purposes of measuring storm Special Tax Roll and Report Page 6 City of Yorkville Special Service Area No.2003-100 September 4,2003 flows or runoff. The runoff curve equation estimates storm runoff given a particular volume of rainfall. The runoff curve numbers for fully developed urban areas indicated in the TR-55 Manual vary by land use type, impervious area, and hydrologic soil group. Assuming generally uniform antecedent runoff and hydrologic soil conditions within SSA No. 2003-100, storm flows will tend to vary with land use and the associated impervious area. Impervious ground coverage factors for residential development varies by development density or the number of dwelling units per gross acre, with gross acreage being exclusive of open space. The gross density for the Single-family Property in SSA No. 2003-100 is two and one-tenth Dwelling Units to an acre, or 20,743 square feet per lot which, according to the TR-55 Manual, would categorize the Single-family Property in SSA No. 2003-100 as having a development density of 1/2 acre. The TR-55 Manual indicates an impervious ground coverage factor of twenty-five percent (25%) for the development density category of 1/2 acre. Multiplying the twenty-five percent factor by the average residential lot area of approximately 20,488 square feet results in estimated impervious ground area per single family lot of 5,186 square feet. The TR-55 Manual indicates an impervious ground coverage factor of thirty-eight percent (38%) for residential units with a development density of 1/4 acre. Multiplying the gross area, for the Duplex Property in SSA No. 2003-100 of nineteen and nine-tenths acres by the factor of 38% results in estimated aggregate impervious ground area of seven and fifty-seven hundredths (7.57) acres. Dividing this aggregate impervious ground coverage by eighty-eight (88) Dwelling Units yields an estimated impervious ground cover of 3,747 square feet per duplex Dwelling Unit. d. PARKS AND OPEN SPACE Park and open space use is assumed to be a function of household size, given then that the park and open space areas are local in nature and will be utilized by the residents within SSA No. 2003- 100. Single-family and duplex Dwelling Unit household sizes are 3.5 and 3.0, consistent with the P.E. factors discussed above. Multiplying the preceding P.E., trips, impervious area, and household size per single-family home or duplex Dwelling Unit, as applicable, by the respective projected total of 200 single-family homes and 88 duplex Dwelling Units yields the total P.E., trip generation, impervious ground area, and population shown in Table 2 on the following page. Special Tax Roll and Report Page 7 City of Yorkville Special Service Area No.2003-100 September 4,2003 � M �o � N H � v C7 00 b C7 C7 � �o ti7 C? O� O, N °1 00 00 00 � X m � H O d z a 00 (1) Fd. n 00 c�•° m d C7 O a�i o 00 aa 00 w01) Cd w ° A as � 3 oW oW off � �' o Wr7 NM 'I C"n Nu CIO a � w A O ;D c d F* A '- ° M M 00 Fi z 0 W ' w °N `n X a Cd F-G ' •° Q d a° o c x Cd W ° '^ ° 'r'• rn '^ o o 'n ^' a � M � M ,-.,�� •�� M MO � O FA W rTr Q. o o C O v a a � 00 i a°'. Q LSf M M Q; M i a� el E' Q o ,et U x•2 � w ° ° w � •�,� � tea, Lla w Son bb C4k � w va'U 3. ALLOCATED COSTS Dividing the estimated total cost for each respective category of Eligible Improvements in Table 1 by the total P.E., trips, impervious area, or persons, as applicable, in Table 2 results in Eligible Improvement costs per P.E., trip, impervious square foot, or person as shown in Table 3 below. Multiplying these "unit" costs by the applicable P.E., trip, impervious area, and household size factors for each land use type yields the allocated Eligible Improvements per single-family home and duplex Dwelling Unit shown in Table 4. The estimated Eligible Improvements costs anticipated to be funded by SSA No. 2003-100 is shown in Table 5. Eligible Improvements not funded with bond proceeds will be paid by the developer and are categorized as "Developer's Equity." TABLE 3 ALLOCATED ELIGIBLE IMPROVEMENT COSTS PER P.E.,TRIP END,AND IMPERVIOUS SF PUBLIC IMPROVEMENT ALLOCATED COST Sanitary Sewer Facilities $746.31 /P.E. ($719,442/964 P.E.) Water Facilities $1,021.04/P.E. ($984,279/964 P.E.) Road Facilities $1,513.43/Trip ($3,988,809/2,635.60 Trips) Storm Water Management Facilities $1.43/Impervious SF ($1,953,848/1,366,858 Impervious SF) Parks and Open Space $451.18/Person. ($434,942/964 Persons) Special Tax Roll and Report Page 9 City of Yorkville Special Service Area No.2003-100 September 4,2003 TABLE 4 ALLOCATED ELIGIBLE IMPROVEMENT COSTS PER SINGLE-FAMILY HOME ALLOCATED COST PUBLIC IMPROVEMENT PER SINGLE-FAMILY HOME PER DUPLEX DWELLING UNIT Sanitary Sewer Facilities $2,612.08/SFH' $2,238.93/DUP2 ($746.31/P.E.x 3.5 P.E./SFH') ($746.31/P.E.x 3.0 P.E./DUP2) Water Facilities $3,573.63/SFH' $3,063.11/DUP2 ($1,021.04/P.E.x 3.5 P.E./SFH') ($1,021.04/P.E.x 3.0 P.E./DUP) Road Facilities $14,483.57/SFH' $12,410.17/DUPZ ($1,513.43/Trip x 9.57 Trips/SFH') ($1,513.43/Trip x 8.20 Trips/DUPZ) $7,412.69/SFH' $5,355.79/DUP2 Storm Water Management Facilities ($1.43/Impervious SF x 5,186 ($1.43/Impervious SF x 3,747 Impervious SF/SFH') Impervious SF/DUPZ) Parks and Open Space $1,579.14/SFH' $1,353.55/DUP2 ($451.18/Person x 3.5 Persons/SFH') ($451.18/Person x 3.0 Persons/DUP2) 'Single-Family Home 2Duplex Dwelling Unit TABLE 5 FUNDING OF ELIGIBLE PUBLIC IMPROVEMENTS SSA No.2003-100 SINGLE- DUPLEX DEVELOPER'S PUBLIC IMPROVEMENT TOTAL FAMILY HOME DWELLING UNIT EQUITY Sanitary Sewer Facilities $308,640 $224,117 $84,524 $410,801 Water Facilities $453,943 $329,627 $124,316 $530,336 Road Facilities $2,353,206 $1,708,923 $644,284 $1,635,602 Storm Water Management Facilities $1,378,365 $1,045,874 $332,491 $575,483 Parks and Open Space $434,942 $315,829 $119,113 $0 Total $4,929,097 $3,624,369 $1,304,728 $3,152,223 D. ALTERNATIVES,MODIFICATIONS,AND/OR SUBSTITUTIONS The description of the Eligible Improvements, as set forth herein, is general in nature. The final description, specifications, location, and costs of improvements and facilities will be determined upon the preparation of final plans and Special Tax Roll and Report Page 10 City of Yorkville Special Service Area No.2003-100 September 4,2003 specifications and completion of the improvements. The final plans may show substitutes, in lieu or modifications to the Eligible Improvements in order to accomplish the works of improvements, and any substitution, increase, or decrease to the amount of public improvements financed shall not be a change or modification in the proceedings as long as (i) the allocation of the Eligible Improvement costs actually funded by SSA No. 2003-100, using the preceding methodology, is uniform within the single-family home and duplex land use categories and (ii) such allocation results in the same ratio of funded Eligible Improvements between these two land use types, as established in Section VI.A below. V. BOND ASSUMPTIONS It is anticipated that certain of the Eligible Improvements will be financed through the issuance of a single series of bonds. Total authorized bonded indebtedness is $8,000,000. Bonds in the approximate amount of$7,200,000 are anticipated to be issued in August 2003. Issuance costs are estimated to be approximately five percent (5.00%) of the principal amount of the bonds. The bond issue will include a reserve fund equal not more than ten percent (10.00%) of the original principal amount of the bonds and approximately three years of capitalized interest. The term of the bonds is 30 years, with principal amortized over a period of approximately 27 years. Annual debt service payments will increase approximately one and one-half percent(1.50%) annually. The final sizing of the bonds may be modified as appropriate to meet the objectives of the financing and prevailing bond market conditions. These modifications may include, but are not limited to, changes in the following: • Bond timing,phasing, and/or escrows; • Capitalized interest period; • Principal amortization(i.e.,bond term and annual debt service payment); • Reserve fund size and form; and • Coupon rates. Therefore, the actual bonded indebtedness, and consequently the amount of public improvements financed by SSA No. 2003-100, may increase or decrease depending upon these variables. VI. MAXIMUM PARCEL SPECIAL TAX A. DETERMINATION When multiple land uses are anticipated, the Maximum Parcel Special Tax is a function of the (i) relative amounts of the allocated Eligible Improvement costs for such land uses and (ii) the required Maximum Parcel Special Taxes. In order to measure the relative difference in public improvement costs for each land use type, EDU factors have been calculated. Single-family homes are deemed the typical residential unit and are assigned an EDU factor of 1.00. The EDU factor for the duplex Dwelling Units is equal to the ratio of the funded Eligible Special Tax Roll and Report Page 11 City of Yorkville Special Service Area No.2003-100 September 4,2003 Improvements for the duplex Dwelling Units to the funded Eligible Improvements for single-family homes.EDUS are shown in Table 6 below. TABLE 6 EDU FACTORS 0.OF EDU DWELLING COST/UNIT FACTOR UNrrs EDUS Single-family Home $18,121.85 1.000 200 units 200.00 Duplex Dwelling Unit $14,826.45 0.818 88 units 71.98 Total 288 units 271.98 The Maximum Parcel Special Tax is derived from the Maximum Parcel Special Taxes, which are equal to the sum of the estimated (i) maximum annual interest and principal payments on the Bonds, net of projected earnings on the reserve fund, (ii) a contingency for delinquent Special Taxes, and (iii) estimated Administrative Expenses. The derivation of the Maximum Parcel Special Tax is shown in Table 7 below. TABLE 7 MAXIMUM PARCEL SPECIAL TAX (LEVIED CALENDAR YEAR 2004/COLLECTED CALENDAR YEAR 200 PER DWELLING UNIT SINGLE- TOTAL FAMILY DUPLEX Maximum Parcel Special Taxes $570,896 $419,800 $151,096 Number of EDUS 271.98 200.00 1 71.98 Maximum Parcel Special Tax/EDU* (Maximum Parcel Special Taxes/Number of EDUS) $2,099 NA NA EDU Factor NA 1.00 0.818 Maximum Parcel Special Tax/DU* (Maximum Parcel Special Tax/EDU x EDU Factor) NA $2,099 $1,717 *Amounts have been rounded to the nearest dollar. The Maximum Parcel Special Tax per EDU is simply computed by dividing the Maximum Parcel Special Taxes by the number of EDUS. Multiplying this amount by the applicable EDU factor yields the Maximum Parcel Special Tax for Single- family Property and Duplex Property. Therefore, the Maximum Parcel Special Taxes are weighted in proportion to the allocation of funded Eligible Improvements as shown in Section IV.C, and consequently the amount of the Maximum Parcel Special Tax bears a rational relationship to the benefit that the Special Tax Roll and Report Page 12 City of Yorkville Special Service Area No.2003-100 September 4,2003 special services render to each Parcel within SSA No. 2003-100 as required pursuant to the Act. B. APPLICATION The Maximum Parcel Special Tax for a Parcel of Single-family Property or Duplex Property which is not located within a Final Plat shall be calculated by multiplying the number of expected single-family and/or duplex Dwelling Units for such Parcel, as determined from the Preliminary Plat in effect as of the September 30 preceding the Calendar Year for which the Special Tax is being extended, by the applicable Maximum Parcel Special Tax determined pursuant to Table 7 above, as increased in accordance with the Section VI.0 below. C. ESCALATION The Maximum Parcel Special Tax that has been levied in each subsequent Calendar Year escalates one and one-half percent (1.50%) annually, rounded to the nearest dollar, with such escalation commencing with Calendar Year 2006. Note,that while the annual increase in the Maximum Parcel Special Tax is limited to one and one-half percent (1.50%), which is consistent with the anticipated graduated payment schedule for interest and principal on the Bonds, the percentage annual change in the Special Tax extended may be greater depending upon actual Special Tax receipts, capitalized interest, investment earnings, and Administrative Expenses. D. TERM The Maximum Parcel Special Tax shall not be levied after Calendar Year 2031 (to be collected in Calendar Year 2032). E. SPECIAL TAX ROLL AMENDMENT Each Calendar Year, in conjunction with the abatement ordinance adopted by the City, the City shall amend the Special Tax Roll to reflect the Maximum Parcel Special Tax applicable to any new Parcels established by the County. The amended Special Tax Roll shall be recorded with the County. F. OPTIONAL PREPAYMENT The Maximum Parcel Special Tax for any Parcel may be prepaid and the obligation of the Parcel to pay the Maximum Parcel Special Tax permanently satisfied pursuant to Section A of Exhibit B attached hereto, provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Parcel at the time of prepayment. The Maximum Parcel Special Tax may also be prepaid in part, provided that proceeds for any such prepayment are sufficient to permit the redemption of Bonds in such amounts and maturities deemed necessary by the Administrator and in accordance with the Bond Indenture. Special Tax Roll and Report Page 13 City of Yorkville Special Service Area No.2003-100 September 4,2003 An owner of a Parcel intending to prepay the Maximum Parcel Special Tax, either partially or in full, shall provide the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the amount of the Special Tax Bond Prepayment or the Partial Special Tax Bond Prepayment, as applicable, for such Parcel and the date through which the such amount shall be valid. G. MANDATORY PREPAYMENT If at any time the Administrator determines that there has been or will be a reduction in the Maximum Parcel Special Taxes as a result of an amendment to the Preliminary Plat, Final Plat, or other event which reduces the anticipated number of single-family or duplex Dwelling Units (i.e. 200 and 88, respectively), then a Mandatory Special Tax Prepayment shall be calculated pursuant to Section B of Exhibit B attached hereto. As required under the Bond Indenture, the City may adopt a supplemental ordinance to provide for the levy of the Mandatory Special Tax Prepayment. VII. ABATEMENT AND COLLECTION A. ABATEMENT On or before the last Tuesday of December of each Calendar Year, commencing with Calendar Year 2004 and for each following Calendar Year, the Council or its designee shall determine the Special Tax Requirement, and the Maximum Parcel Special Tax authorized by the ordinance providing for the issuance of the Bonds shall be abated to the extent the amounts so levied exceed the Special Tax Requirement. The Maximum Parcel Special Tax applicable to each Parcel shall be abated in equal percentages until the Special Tax remaining equals the Special Tax Requirement. Abated in equal percentages means that the amount abated for each Parcel, computed as a percentage of its applicable Maximum Parcel Special Tax, is the same. B. COLLECTION PROCESS With the exception of the Mandatory Special Tax Prepayment, the Special Tax will be billed and collected by the County in the same manner and at the same time as general ad valorem property taxes. The lien and foreclosure remedies provided for in Article 9 of the Illinois Municipal Code shall apply upon the nonpayment of the Special Tax. The Council may provide for other means of collecting the Special Tax, if necessary to meet the financial obligations of SSA No. 2003-100. The Mandatory Special Tax Prepayment shall be due prior to any development approval, subdivision of land, conveyance, or other action that results in a reduction in the Maximum Parcel Special Taxes. The Mandatory Special Tax Prepayment shall be levied against the property on which the reduction has or will occur. The Mandatory Special Tax Prepayment shall have the same sale and lien Special Tax Roll and Report Page 14 City of Yorkville Special Service Area No.2003-100 September 4,2003 priorities as are provided for regular property taxes. A Mandatory Special Tax Prepayment shall not reduce the Maximum Parcel Special Tax for any Parcel. C. ADMINISTRATIVE REVIEW Any owner of a Parcel claiming that a calculation error has been made in the amount of the Special Tax applicable to such Parcel for any Calendar Year may send a written notice describing the error to the Administrator not later than thirty (30) days after having paid the Special Tax which is alleged to be in error. The Administrator shall promptly review the notice, and if necessary, meet with the property owner, consider written and oral evidence regarding the alleged error, and decide whether, in fact, such an error occurred. If the Administrator determines that an error did in fact occur and the Special Tax should be modified or changed in favor of the property owner, an adjustment shall be made in the amount of the Special Tax applicable to such Parcel in the next Calendar Year. Cash refunds shall only be made in the final Calendar Year for the Special Tax). The decision of the Administrator regarding any error in respect to the Special Tax shall be final. VIII. AMENDMENTS This Report may be amended by ordinance of the City and, to the maximum extent permitted by the Act, such amendments may be made without further notice under the Act and without notice to owners of property within SSA No. 2003-100 in order to (i) clarify or correct minor inconsistencies in the matters set forth herein, (ii) provide for lawful procedures for the collection and enforcement of the Special Tax so as to assure the efficient collection of the Special Tax for the benefit of the owners of the Bonds, (iii) otherwise improve the ability of the City to fulfill its obligations to levy, extend, and collect the Special Tax and to make it available for the payment of the Bonds and Administrative Expenses, and (iv) make any change deemed necessary or advisable by the City, provided such change is not detrimental to the owners of property subject to the Maximum Parcel Special Tax. No such amendment shall be approved by the Council if it violates any other agreement binding upon the City and unless and until it has (i) found and determined that the amendment is necessary and appropriate and does not materially adversely affect the rights of the owners of the Bonds or the City has obtained the consent of one hundred percent (100.00%) of the owners of the Bonds and (ii) received an opinion of a nationally recognized bond counsel to the effect that the amendment does not violate the Act, and is authorized pursuant to the terms of the Bond Indenture and this Report. KAClients2\Yorkville\SSA 2003-100(Concord Homes)\SSA Report\Raintree Village SSA Report 5.doc Special Tax Roll and Report Page 15 City of Yorkville Special Service Area No.2003-100 September 4,2003 EXHIBIT A SPECIAL TAX ROLL a- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0000000000000000000000000000 o =p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o ��60-Gr�61�6�1613-c��609-61>61>61:�61>60-6s e!316rc��Q9,e9- o M o N N O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a � _ � � OCONrOC � NM400N000 (OONN4MLntiNO CD LL N N O N (O ti 00 (O I:t O LO 00 co M LO CO ti N A M M O (O O LLI U) N N �Y 00 r Ln O d O d' O O M O M CO "Zt M N N N N M Lf) h O N If! LO L) LO LO CO CD (0 CCOO COO I- ti ti 000 M M 000 O 0) M 0 0 CO O r N N LJI QQ 64>61> 96ck61) E9H}HJ6>ta6 61k6}K}E9Q=}GO-H3H}61>V), 9.Q!>K}VD-t9HQ}Ef} J J W (1) > J J -0 d o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � o0 U Expo 0000000000000000000000000000 CD p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (D Z o 63 63 64 64 63 6}6.646}6}6-6}6.636L6-646}636}6-6}6}Eg6}6}6>64 N C U. O O o N r o >- C J c o 0 0 0 C. 0 C. 0 0 0 C. D. D. C. C. C. C. C. C. 0 0 C. C. 0 0 0 0 0 CZ D , 0000000000000000000000000000 Vvajwt c ° LN o-o - (0(D (DMC\J (0r° o0oLO "tcNOo - dI' oCOt o Itti0) N Cr- cw o00 O a o E (n N r r M LO N O t,- 'd' N O I,- In M r 0 M � U) � M N r 0 0 0 O O O W � O L (O (O (flti00 C66) O-1NMTLf) (D (6t- COOO1NC6:: L6 Vi (fl t- 04 (V 't It It 't It It It LO LO L() LL) Ln Ln L.() LO L() LO Lo LO (O co CO CO co CO (O CO CO Z a- 63 63 63 63 63 63 63 63 6>6}63 63 64 63 64 63Q9}Q9-E9,64 69,Ef}H>6363E9E1D 63 � a W r d Oo0 0000000000000000000000000 a) 0 N D o O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 p) N O O o 0c 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CDC cc:) 0 0 0 m Z O 6}63 63 63 63 63 63 64 6>64 63 63 63 61}E9 63 63 63 Efl 63 69 63 60,63 63 63 6) 61} 11 J O Q M U O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 L() = co co o 4 co 6 O M co r (O 06 t� CO N M r 4 t r M N CO ti LL) M M O O U) h COO O O � M LL ON0 O N Lr � O N L(7 ONO CC) CO l CO O CN " CO O (I J CO 6) O � I - d LO Ln Ln LO CO O co (fl ti t-- Il- � CO CO M CO O O O O O O O 6}63 63 6-?63 63 63 64 63 63 63 63 63 63 63 63 64 6>63 63 6>63 64 63 6>63 63 63 O O O O O O O O O O O O O O O O O O O O O O O O O O O O V O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N � dl t-- ti M 6) O co O o0 O LL) 4 M co M 4 LC) t� O N Lo O M 00 co O Ln N CA Q D r r c}• CO O N L() ti O M CO O N LO M r ty � r � I- r "t 00 r Ln O N (!1 O p [` ti ti ti CO M M O CA O O O O O r r r N N N M M CO Cf It It LO r C\T N N N N N N N N N N N N N N N 63 63 63 63 63 63 63 63 63 63 63 63 69 64 69 63 69 63 69 63 63 69-6}6}63 63 6}6} d 3 p O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C C C C C C C C C C C C C O C C C C C O O O O O O O O O E X O O O N 4 t` O .' 00 co 00 � r M (6 � co N N M CO 00 L() O 4 O LL 6) O M CO O N co O N CO O M ti O d 00 N co O d• 00 N (D r LO CA "• O c Cn O O r r r N N N M M CO "t 't LC) LO LO (O (O t'- h ti 00 00 O O O O O N N N N N N N N N N N N N N N N N N N N N N N N N CV ('M M 63 6361>63 63 63 63 63 64 63 63 63 63 63 Q}69-636>VD-6}6}636361?6>6>636} L � L!) CO 1'- 06 C3) O r N M t LO CO � 00 O O r N Cl) d LO CO t'- 00 O) O r O o 0 0 0 0 r r r r r r r r r r N N N N N N N N N N M M O O O O O O O O O O O O O O O O O O O O O O O O O O O O aj m } N N 04 N N N N 04 N N N N N N N N N N N N N N N N N 04 04 N IL 0000000000000000000000000000 0D0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Q 0 0 0 0 66 0 66 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 r, O 69,6?69 69 6}63 69 63 6}69-6}6}69 691 69 69,69 69 691 69,69,69.69 69-69 69 6}6} M O O O N M Q o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O 99 O O O O O O O O O O O O O O O O O O O LLB LO O O O LO O O O LO O O LO O O O Lr) O O LO 0 0 0 LO LO LO O O M M LLB CO r LO O r N O ti r r N O (O M M M CY) CO O N r 1- M CO LO 0 U) (D "z 'z:t " Ln (O 1 6) r M Ln CO N (O O Ct O ct O CO N O CO ' N O O 00 00 Q (fl0 000ON 'Ct (O6) r Cy) Lf) (OOMLf) ti0MLn000MCOON tI- O co co M It It 't 1;T LO LLB LL) LO (D co (D (D I- ti ti ti 00 00 M 00 CA O O O LLJ Q r r r r r r r r r r r r r r r r r r r r r r r r r r r N 60-6}6}6}6}63 69 69 63 6}69 69-E9 63 69 6}69-UR Q!) EFl 6S Gs 61>60.69 K)6`}69 I.IJ 0 � J J .� 1 CD J Q E IL O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 w (D p V :3 CD Z) o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 p 7 W zOp () (D (Do (DCD (Doo () () 0CDo0 00000 o () 0 0 (: 000 0 696}6}6}636}6}6969696}69 69 63 69 6}69696}6}696}6}69636}6969 x G 004 0 cN c °) O0000oo000000000000000000000 F- Z Q 2 � O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (� Q C C Ln 2 ti ti O CO N r O N 4 6 4 N M 4 00 N O (6 CO 6 N M 4 M 6 I� N O I) LLI L6 O LL co M M M O N LO M N CO r Ll- "t N O M M M O N LO d7 M 00 'It r 00 I- I'- Q y a 0 E co r N N CO r L() Cl! M 00 N L� r CO r CO O L() O CO r (O r P, N M ",:t O Ln r LLI U) CZ) L Il- I` 1- 0000006) CF) OO��NNMCYi �t "tLOLOCO (fltitiOD00a7O �-- C14 CV NNNNNNC jNMc7MCMMC`) MMCMMMCo MMMMM Cy) Md Z 63 69 69 69 63 63 69 63 6}Q9.69 63 619 6`} 6}63 63 63 69 63 63 69 63 63 63 69 63 � Q W IL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N 0 0 r O O O O O O O O O O O O O O O O O O O O O O O O O O O O (1) Q r O O O O O O O O O O O O O O O O O O O O O O O O O O O O O () O 69 63 69 63 69 69 63 63 63 69 69 63 63 69 63 63 63 63 63 69 63 69 d9 63 6'}69 63 63 m Z LLI O J �t Q 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 U O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 6M 1` 6 (6 Nr6 N -46) 4NM4NNm (66 6 N004C6 L6 L-� NO O LL co CO 00 O O N LO CO N (O r ti 't N O M O M O N LO O M 00 �t r CO L` CO r N N (O r v! O M 00 N r- r CO r CO Cl Ln O (O r (O r L- N 00 Cl! Ln r I- ti ti CO CO CO M M O O = N N CO M 't "t LO LO CO CO I' ti CO M M O N N N N N N N N co co co M co M co co M co co M M M co M C`') co co It 69 69 d9 63 63 63 63 69 69 69 63 69 63 69 63 63 69 69 63 63 69 63 63 63 69 63 69 69 E O O O O O O O O O O O O O O O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 N I� 1l- M 6) (6 M O 00 (6 Ln l' co co M 4 Ln ti 67 N Ln 6) M (n co O Ln N 6) Q r r 'fit CO O N Ln I- O CO CO M N Ln 00 r "t I` r 't I-- r 't 00 r M O N (n (m0 titir` titiaomoom m mmcc:) OrrrNNNMMMd' d d' Lo .�_ r r r r r r r r r r r r N N N N N N N CV N N N N N N N N 6}60 Eg 6}63 69 6}6}63 E9 69 E`}63 69-6}6}69-63 69 69 63 63 6}6}6>69 63 63 E O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O E = d) 6 O N .4 r-_ O � 00 M 00 It r Cb (6 ct M N N co It (O C6 r L6 6 4 O x LL O M M CO 6) N CO 47 N (D CF) M I- O 'I 00 N CO O ct 00 N CO r LO a) ,t M co Fco Cn O Orr r N N N CO M CO It t LO LL) LO CO CO I,- I,- I,- OO 00 C7) 6) O O O 2 N N CV N N N N N N N N N N N N N N N N N N N N N N N M M Eg 63 6}63 EF}63 69 63 63 63 69 63 63 63 63 69 69 63 69 69 d3 63 60.63 63 69 63 63 i d' Lo CO I- 00 6) O r N M -,t LO CO 1'- 00 6) O r N Cl) "t LO (O h 00 6) O r 0 0 0 0 0 0 r r r r r r r r r r N N N N N N N N N N M M 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 J co N N N N N N N N N N N N N N N N N N N N N N N N N N N N O O O O O O O O O O O O O O O O O O O O O O O O O O O O _ C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M (64N06 O4000N4 -4 4NO (6NMON -4 4 -' NO (6N of O O M ti " N O M N 00 M 00 N M A N CO LO LO M LO t N C:) r,- O LL7 O M M M O M M M O M M d• — N C' Ln a! LL7 r O r M t- N CA M M O LL7 F O O O 00 (O L() d' co N N N N N N N c) "t Ln (O t- M O r M L1•) 0p O I'- t-- t- CO M O r N CO d' LO CO ti M O O r N CO t LO CO M O') 0 r N �T LO LO Lr) LO LO M M co co co (fl CO CO co M t- rl- ti t` t- t__ tl- r- ti 00 M 00 00 63 63 63 64 63 64 64 63 63 63 69 63 63 63 63 6}63636360-6369-63 63 64 63 63 69 Cl M a_ O O O O O O O O O O O O O O O O O O O O O O O O O O O O CV O O O O O O O O O O O O O O O O O O O O O O O O O O O O o p ° 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 66666 IQ O 63 63 63 64 6}63 63 63 69 63 63 d3 63 63 63 63 63 69 64 63 63 63 63 63 64 63 6}63 °o W Q� ° 0000000000000000000000000000 0000000000000000000000000000 'J Z L) O O O N V t,- O "t M M 00 4 00 (O 4 M N N M 4 O 06 L6 6 d O _j LV 0 LL r O CY) M (O 0 N (D O) (N M CD CO ti O ,t 00 N CO O ;t co N CO r Lo d) O) J J O O r r r N CV N M M M d' ',I Ln LI L17 (O M 1' ti r- M M O O O O O Y O J Q CV N N N N N N N N N N N N N N N N N N N N N N N N N co M ° O U 63 63 63 6).69 64 6}646}63 64 63 61k 63 6r�e;�6s1691Qr69c�6D_69 tor Vf Uf tEF 63 c� O = rOO 0000000000000000000000000000 O N T O EL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 d 'd' C OMNMOMNOMCOCO6o664M4OM (flMCflMO4M �}- 0 Q 2 z o N M CO M M O d- O LO r I- N 00 't O (O CO O LO N O) LO N O) M M r 00 LO � It Lf) LO CO I t,- 00 00 M O) O r r N N M � t LO M (O t- M O 4) O UQU ~ Np co, MMMMMi (Yii YSMMCh" � 't � i :t4 - d � � '� � d• t LSD L!J y a 0 C:) 6}69 63 6}6}6}6{}6}69 6} }63 63 6}63 69 6}E!}Ef}ff}Ef}69 Ef3 Ef?El3 Ef}f{}6 J I-- N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Z C tf) = O O O O O O O O O O O O O O O O O O O O O O O O O O O O Q tit__ OMNr6N4 614cNM � MNa7MMd7N064cliLnI,_: NO w ccOLL. M rnrnrn00M0000 00MMOO rNMLOCO00ONLnt,- OMCOMMt,- � N N M It 0 (O tl- M O O r M It LO CO � M M r N M �CO t� M M r N L M M (fl (fl M CO M (fl M ti t- f` < tl tir_ ti M M 00 M M M M M O CA M QEf}d}Ef?H-}K>6461kV),V}V),Q}l •}K}69 613 64 61}61) <.- 69613-Q960-UDI 61) 6}Ef)V} a 0 O O O O O O O O O O O O O O O O O O O O O O O O O O O O � z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 J NNM4 (flMOMCOO g0000064ON4NO4MM04ON '�p CO CO O M Ln I,- O O r r O O fl- LO N O 't M M11, M r N M M M r M Q 0c) CD CO CO M r It I r L() O dT O M O LO N M CO M N O O O M M O r M It U O ti � O N 'T (O O) �- M CO 00 r M CO O - It I- O CO LO 00 r"t CO r "t h i 'IT Wit It LO L() to LO M co co CO r- t- t- rl- 00 00 00 M O O O O O Orr r O r r r r r r r r r r r r r r r r r r r r r r N N N N N N M 63 63 64 63 6}64 63 63 69 63 63 63 63 63 63 63 61}6f}6 9)'Q}lam 64 6 ql e:), {-}6 0.69}6} co O O O O O O O O O O O O O O O O O O O O O O O O O O O O °, = O O O O O O O O O O O O O O O O O O O O O O O O O O O O fl- hOCoNr0N � d7 "t NM gMNOCO (OO) NM c� MLCjt-- NO O LL co O M O M M M M M M M M O r N M Lf) CO M O N LO tl- O M CO M M E (� N N M ',z Ln CO t- M CA (:: r M ',:t 117 (O t- M cl r N M d M t- M O) r N co (O co co (D co M (D (D ti r-. ti r- t_ t- ti I,- tl_ M M M M M M M M O) O) 6363613-6361}61}63636361}69696H6369-6R 6R69 63 63 69 6R61J Val 6H6fl6361} (BOO O O O O CC CC:) O O O O O O O O O O O CDC O O O O O U O O O O O O CC O O O O O O O O O CC Co CDC O O O O O N CLI t� M 6 CO M O M 664 C''7 (Y5 M 4 t() t_� 6 N 6 6 M M M 6 In N O Q r r t CO O N Mrl- O M M O N LO M r 'It ti r d• I- r 'I M r LO M N C!J C;) O M O O_O r r r N N N M M M "t "t L(7 •� r r r r r r r r r r r r N N N N N N N N N N N N N N N N 64 63 63 6fl 63 63 64 63 63 64 63 63 63 63 63 63 64 63 63 69 63 69 63 63 69 64 63 63 co 0- ) F 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 = O O O O O O O O O O O O O O O O O O O O O O O O O O O O E = 6 66 C\i4r_ 6 4 06 MC64 = 66 4C`7NNM4 CO06166 4 6 X LL O) O M CO m N M m N co O7 M tl- OIt M N CO O d• M N CO r LO CA 't O X m (n O O r r r N N N M CO M I q L!7 LO LO M CO t*- t- ti M M O) O) CA O O N N N N N N N N N N N N N N N N N N N N N N N N N (N Co ('') 63 63 63 E1?63 Vol Q:jl 63 Vol 69 63 63 6fl 63 63 63 63 63 63 69-6) 63 63 63 63 63 63 63 i (9 [LOI It LO M 1 M O O r N CO 't 117 CO ti 00 0) O r N CO 't LO (c) [I- M O O r (y N 0 0 0 0 0 0 r r r r r r r r r r N N N N N N N N N N M M U } °N ° O ° O N N N N N N N N N N N N N J N N N N N N 04 N N CN N N N N EXHIBIT B PREPAYMENT OF THE MAXIMUM PARCEL SPECIAL TAX UNITED CITY OF YORKVILLE SPECIAL SERVICE AREA NO. 2003-100 PREPAYMENT FORMULA All capitalized terms not defined in this Exhibit B shall have the meaning given to such terms in the Report. A. OPTIONAL PREPAYMENT OF THE MAXIMUM PARCEL SPECIAL TAX Pursuant to Section VI.F of the Report, the Maximum Parcel Special Tax may be prepaid and permanently satisfied under the conditions set forth therein. The Special Tax Bond Prepayment is calculated as follows. 1. Prior to the Issuance of Bonds Prior to the issuance of Bonds, the Special Tax Bond Prepayment for a Parcel of Single-family Property and Duplex Property shall equal $18,122 or $14,826 per Dwelling Unit, respectively, subject to changes as described in Section IV.D of the Special Tax Roll and Report of SSA No. 2003-100. If at the time of the prepayment, the Parcel intending to prepay is not located within a Final Plat, the prepayment amount shall be calculated by multiplying the number of expected single-family and duplex Dwelling Units for such Parcel, as determined from the Preliminary Plat, by the applicable Special Tax Bond Prepayment per Dwelling Unit. 2. Special Tax Bond Prepayment Subsequent to Issuance of the Bonds Subsequent to the issuance of the Bonds, the Special Tax Bond Prepayment for a Parcel means an amount equal to (a) the sum of(1) Principal, (2) Premium, (3) Defeasance, and (4) Fees and(b) minus the Reserve Fund Credit, where the terms "Principal," "Premium," "Defeasance," "Fees," and "Reserve Fund Credit" have the following meanings: "Principal" means the principal amount of Bonds to be redeemed and equals the quotient derived by dividing (a) the then current Calendar Year Maximum Parcel Special Tax for the Parcel intending to prepay by (b) the corresponding Calendar Year Maximum Parcel Special Taxes for SSA No. 2003-100, (and excluding from (b) that portion of the Maximum Parcel Special Tax for any Parcel(s) that has been prepaid), and multiplying the quotient by the principal amount of outstanding Bonds. "Premium" means an amount equal to the Principal multiplied by the applicable redemption premium, if any, for any Bonds so redeemed with the proceeds of any such prepayment. Any applicable redemption premium shall be as set forth in the Bond Indenture. B-1 "Defeasance" means the amount needed to pay interest on the Principal to be redeemed until the earliest redemption date for the outstanding Bonds less for any Special Tax heretofore paid and which has not been or will not be used for the Special Tax Requirement. "Fees" equal the expenses of SSA No. 2003-100 associated with the Special Tax Bond Prepayment as calculated by the City or its designee and include, but are not limited to, the costs of computing the Special Tax Bond Prepayment, the costs of redeeming the Bonds, and the costs of recording and publishing any notices to evidence the Special Tax Bond Prepayment and the redemption of Bonds. "Reserve Fund Credit" shall equal the balance in the Reserve Fund (as defined in the Bond Indenture) on the prepayment date multiplied by the quotient used to calculate Principal. Reserve Fund earnings to be applied toward the Special Tax Requirement shall not be considered when computing the Reserve Fund Credit. The amount of any Partial Special Tax Bond Prepayment shall be computed pursuant to the preceding prepayment formula by substituting the portion of the Maximum Parcel Special Tax to be prepaid for the Maximum Parcel Special Tax when computing Principal. The amount of any Special Tax Bond Prepayment or Partial Special Tax Bond Prepayment computed pursuant to this Section A.2 shall not exceed the Bonds plus any Premium, Defeasance, and Fees as such terms are defined herein. The sum of the amounts calculated in Section A.1 shall be paid to the City, deposited with the trustee, and used to pay for public improvements in accordance with the Bond Indenture and to pay the Fees associated with the Special Tax Bond Prepayment. The sum of the amounts calculated in A.2 shall be paid to the City, deposited with the trustee, and used to pay and redeem Bonds in accordance with the Bond Indenture and to pay the Fees associated with the Special Tax Bond Prepayment. Upon the payment of the Special Tax Bond Prepayment amount to the City, the obligation to pay the portion of the Maximum Parcel Special Tax which is prepaid for such Parcel shall be deemed to be permanently satisfied, such portion of the Maximum Parcel Special Tax shall not be collected thereafter from such Parcel, and in the event the entire Maximum Parcel Special Tax is prepaid the Administrator shall cause a satisfaction of special tax lien for such Parcel to be recorded within 30 working days of receipt of the Special Tax Bond Prepayment. B-2 B. MANDATORY PREPAYMENT Pursuant to Section VI.G of the Special Tax Roll Report of SSA No. 2003-100, the Maximum Parcel Special Tax must be prepaid if at any time the Administrator determines there is or will be a reduction in the number of anticipated Dwelling Units (i.e. 200 single-family homes and 88 duplex Dwelling Units). The Mandatory Special Tax Prepayment amount will be calculated using the prepayment formula described in Section A.2 above with the following modifications: The amount by which the Maximum Parcel Special Taxes have been reduced shall serve as the numerator when computing Principal; and No Reserve Fund Credit shall be given. The amount of any Mandatory Special Tax Prepayment shall not exceed the Bonds plus any Premium, Defeasance, and Fees as such terms are defined in Section A above. B-3 0 C/r� United City of Yorkville EST. 1836 County Seat of Kendall County � 800 Game Farm Road Yorkville, Illinois 60560 O O Phone:630-553-4350 Fax:630-553-7575 CERTIFIED COPY AFFIDAVIT I, Jacquelyn Milschewski, City Clerk in and for the United City of Yorkville,Kendall County, State of Illinois, and Legal Custodian of the records, files and seal of said City do hereby certify this is a full and complete copy of the original document identified as—C� filed in my office on �� Dated this (�� day of , 2003. Jac el Milsche ki, C SEAL © C/Ty ° United City of Yorkville EST �' 1836 800 Game Farm Road -��- Yorkville, Illinois, 60560 o Al Telephone: 630-553-4350 CouRY ScaI O K C-ty eZ Fax: 630-553-7575 <CE September 10, 2003 This document is being Re-Recorded from Ordinance #2003-54, which was recorded with the Kendall County Recorder of Deeds on September 10, 2003, document #200300032635, in order to conform and add exhibits required and referenced by said City Ordinance. Traci Pleckham Jnance Director United City of Yorkville