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BAYTOWN CITY COUNCIL MEETING
Professional Services Payment Agreement with Castlerock Communities, L.P.
Karen Horner, Legal
Consider an ordinance authorizing a Professional Services Payment Agreement with Castlerock Communities, L.P., regarding the expenses associated with the Bay Creek Public Improvement District.
This proposed ordinance authorizes a Professional Services Payment Agreement with Castlerock Communities, L.P. (the "Developer"), regarding the expenses associated with the Bay Creek Public Improvement District. (the "PID").
Pursuant to the Agreement, the Developer shall deposit $25,000 (the "Deposit") for expenses associated with:
the creation of the PID,
the adoption of a service and assessment plan relative to the land within the PID, and
the City’s issuance of its bonds secured by assessments levied on a portion of the land within the PID.
Such expenses may include, but not be limited to, professional services, legal publications, notices, reproduction of materials, public hearing expenses, recording of documents, engineering fees, attorney fees, financial advisory fees, City staff time dedicated to PID matters, and other special consultant fees. Once the Deposit falls below $10,000, the Developer shall deposit additional amount of not less than $10,000.
The City shall keep track of the expenses and notify the Developer when funds need to be replenished. Upon termination of the agreement, the remaining deposit shall be returned to the Developer.
Source of Funds (Operating/Capital/Bonds):
Funds Budgeted Y/N:
Fiscal Impact (Additional Information):
There is no fiscal impact associated with this item.
Ordinance - Professional Services Payment Agreement
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