Title
Resolution - A Resolution of the Mansfield City Council Approving the First Amended and Restated Development Agreement with RUBY-07-SPMTGE, LLC for Public Improvements to Property Within Reinvestment Zone Number 1, City of Mansfield; and Providing for an Effective Date
Recommendation
Staff recommends approval of the 1st amended and restated development agreement
Description/History
On March 17, 2014, the city council authorized the city manager to execute a development agreement with RUBY-07-SPMTGE, LLC (RE-2999-14).
On Monday, June 26, 2017, the TIRZ # 1 Board voted unanimously to approve an expenditure of TIRZ funds, up to $9,500,000.00, for the construction of water, sewer, landscaping, and street infrastructure in South Pointe.
Following the TIRZ Board's approval of the expenditure, staff worked with the developer and legal counsel to amend and restate the existing development agreement.
Justification
The public infrastructure identified in the agreement is necessary to serve the South Pointe development. The developer has agreed to design, construct, and fund the infrastructure. TIRZ funds will be used to reimburse the developer as they become available.
Funding Source
The cost of the improvements will be covered by the developer until adequate funds are available in TIRZ # 1
Prepared By
Joe Smolinski
Deputy City Manager
joe.smolinski@mansfieldtexas.gov
817-728-3601