Title
Resolution - A Resolution Approving a Development Agreement By and Between the City of Mansfield, Texas, a Texas Municipal Corporation, Dolce Vita at Mansfield, LLC, and ACCP, LP for Water Distribution and Roadway Capital Improvements
Requested Action
Consideration of the attached development agreement.
Recommendation
Staff recommends approval.
Description/History
The city council is considering zoning case ZC#17-022, more commonly known as the Dolce Vita development. The developer is constructing certain water distribution and roadway improvements that serve more than just the proposed development. A large diameter water line and Summer Trail will be constructed by the developer. The developer has requested financial assistance from the City in the amount of $780,525 or the actual cost of construction of the aforementioned infrastructure, which ever is less. The developer has requested that the reimbursement for actual cost, not to exceed $780,525, be given in the form of cash at the time of completion of construction and acceptance by the City. Water and roadway impact fees generated by the development are expected to exceed the amount requested.
Funding Source
Water distribution line improvements would be reimbursed to the developer from the Utility Fund at the time of completion and acceptance. The developer will make all improvements in advance of the reimbursement. Roadway improvements would be reimbursed to the developer from the Street Capital Improvement Fund at the time of completion and acceptance. The developer will make all improvements in advance of the reimbursement.
Prepared By
Joe Smolinski, Deputy City Manager