Title
Review and Consideration of the Terms of Development Agreement for Proposed Improvements Related to a Residential Development Known as The View at The Reserve Within the Tax Increment Reinvestment Zone No. 1, Generally Located East of S. Mitchell Road, North of South Pointe and Mathis Road
Requested Action
To consider the terms of the development agreement
Recommendation
1) The TIRZ Advisory Board recommended approval of a TIRZ Fund expenditure not to exceed $1,541,115 by a 5-0 vote for the water line and S. Mitchell Street improvements described in the attached term sheet.
2) Staff recommends approval of the general fund expenditure to repair S. Mitchell Road after developer's contribution (estimated at $75 per foot).
Description/History
Please see the terms of the development agreement in the attachment.
The 344 homes in the development will provide approximately $120 million of property value and a TIRZ fund contribution of $620,234 per year. In addition, the roadway, water and sewer impact fees are estimated at $2.3 million. The developer's $105K contribution to S Mitchell Road's repair is approximately 1/3 of the total amount.
The City Attorney will prepare the development agreement based on the terms approved by the Council at this meeting and staff will schedule the agreement for ratification.
Funding Source
TIRZ Fund and Street Repair Fund
Prepared By
Felix Wong, Director of Planning
817-276-4228