AGENDA CAPTION:
Title
Consider approval, by motion, authorizing negotiations with Franklin Mountain San Marcos I, LP to amend the Cotton Center ETJ Development Agreement previously approved by City Council to remove acreage which is proposed for inclusion in the SMART Terminal ETJ Development Agreement, and consider referral of the development agreement to the SMART Terminal council committee or the appointment of a new council committee, if desired.
Body
Meeting date: December 14, 2022
Department: Planning & Development Services
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: The Cotton Center Development Agreement was approved by City Council on December 6, 2016.
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☒ Economic Development - Diverse Local Economic Environment
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Background Information:
On December 6, 2016 City Council approved a development agreement for approximately 2,358 acres for a project called Cotton Center.
On March 19, 2019 City Council approved a Chapter 380 Economic Development Incentive and ETJ Development Agreement for approximately 889 acres for a project called SMART Terminal.
The current applicant has acquired the SMART Terminal land, approximately 660 acres of Cotton Center, and an additional 511 acres adjacent to these proposed developments and wishes to create a cohesive agreement to cover the entire acreage.
This request is only to remove the 660 acres from the Cotton Center Development Agreement so it may be included in a future amendment of the SMART Terminal agreement.
Development Agreement Process Summary
1. Application submitted to staff.
2. Initial Authorization for negotiation by City Council.
3. Negotiations between Applicant, Staff, and Council Committee (if appointed).
4. Final Draft Development Agreement presented to City Council for Consideration. City Council may accept, accept with modifications, or reject the Development Agreement.
5. Execution and Recordation of the Final Agreement.
Council Committee, Board/Commission Action:
A Council Committee consisting of Mayor Hughson, Council Member Gleason, and former Council Member Baker have met on and discussed this amendment as it relates to the amendment to the SMART Terminal agreement.
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Recommendation:
Staff recommends authorization of the Development Agreement in order to further consider and negotiate in accordance with Section 2.4.3.6.