Title
Resolution - A Resolution Approving a Chapter 380 Economic Development Agreement with Hanover Property Company and Authorizing the City Manager to execute the agreement for public improvements related to a development known as Somerset, containing approximately 486 acres generally located south of Lone Star Rd, east of Chambers St and Hardy St, north of Ellis St, & west of N US 287
Requested Action
Approve the resolution and development agreement.
Recommendation
Staff recommends approval
Description/History
The development agreement is related to the Somerset Planned Development that has been under consideration for zoning change for a mix of single-family residential, townhome and commercial development. As a master planned community with high quality amenities, Somerset is a welcomed addition to the City and will help attract commercial development near the intersection of US 287 and SH 360.
The financial assistance offered via the agreement is critical to the success of Somerset and orderly development and will help offset the cost of on-site and off-site water and sewer lines plus residential streets in Phase II and III (see city participation terms in Section 4 on page 7). The impact fees and park fees to be paid by the development are expected to be a substantial amount (see attachment).
Prepared By
Felix Wong, Director of Planning
817-276-4228