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    5. c.    
Meeting Date: 07/22/2021  
Subject:    Development Agreement
Prepared for: Bret Gardella Prepared by: Karen Horner, Legal
Department: Development Manager  

Consider an ordinance authorizing a development agreement with Castlerock Communities, L.P., for the Bay Creek Development.
This proposed ordinance authorizes a development agreement with Castlerock Communities, L.P., (the "Developer") for the Bay Creek Development.

The Developer currently owns and intends to develop, in phases, approximately 69.5559 acres located south of FM 1492, east of N. Main Street, west of Hadden Road and north of E. Wallisville Road, in accordance with the applicable City regulations, the development standards and the concept plan (the “Project”).  In order to incentivize the development of the Property and encourage and support economic development within the City and to promote employment, the City desires to facilitate the development of the Property through the financing of certain public infrastructure (the “Public Improvements”) and constructing additional public improvements within the Property.  In order to finance the Public Improvements, the City Council intends to create a public improvement district ("PID") that is coterminous with the boundaries of the Property. The financing of the Public Improvements confers a special benefit to the Property within the PID.  The City intends to adopt the assessment ordinance and a service and assessment plan, which provide for the construction, and financing of the Public Improvements, payable in whole or in part by and from assessments levied against property within the PID (whether through a cash reimbursement or through an issuance of PID Bonds).  The payment and reimbursement for the Public Improvements shall be solely from the installment payments of Assessments and/or proceeds of the PID Bonds and the City shall never be responsible for the payment of the Public Improvements or the PID Bonds from its general fund, its ad valorem tax collections, any other source of City revenue, or any assets of the City.

This proposed Development Agreement sets forth the specific development requirements, details about the construction, payment and maintenance of the public improvements.  The concept plan as well as the development phasing is included in the agreement.
Ordinance - Development Agreement

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