Title
Resolution - A Resolution Amending the Chapter 380 Economic Development Agreement Between the City of Mansfield and HPC Somerset Development Corporation for Infrastructure and Improvements Within and Related to the Somerset Development
Requested Action
Consider the attached emendments to the 380 agreement between the City and HPC Somerset Development Corporation
Description/History
Staff was contacted by the developer about unanticipated costs associated with off-site sewer improvements. The developer requested that the City increase the original incentive by approximately $700,000. Staff denied the request, as the total incentive had already been defined in the original agreement. The developer then requested that $550,000 of the improvements be paid for by the City up front and deducted from the Phase III incentive.
The developer had been in negotiations with TxDOT over upgraded traffic signals/poles at the intersection of HWY 360 and US 287. TxDOT granted their approval and identified the additional cost of the improvements at $212,000. Due to the increased cost of the sewer improvements the developer was unable to make the upgrades to the signals/poles. The developer requested that the $212,000 be paid for by the City up front and deducted from the Phase III incentive.
Phase I incentive was originally capped at $5,600,000 for on and off-site water and sewer improvements, engineering costs, and inspection fees. If the requested amendments are approved by the city council, the Phase I incentive would be capped at $6,362,000.
Phase II incentive was originally capped at $2,000,000 and would not change if the agreement is amended as proposed.
Phase III incentive was originally capped at $2,300,000 and, if amended as proposed, would be reduced to $1,538,000 and capped.
The total incentive for Phases I, II, and III would not change.
Modifications to the Phase I Public Improvements and Private Phase I Amenities have also been requested due to delays g...
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