AGENDA CAPTION:
Title
Consider approval of Resolution 2018-141R, amending the Highpointe Trace Public Improvement District Term Sheet.
Body
Meeting date: August 7, 2018
Department: City Manager Office, Steve Parker, Assistant City Manager
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
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Background Information:
Highpointe Communities has approximately 420 acres of land, generally located on the east side of IH-35, south of Posey Road, and also bordered by Old Bastrop Highway, at the
southern edge of the City of San Marcos. The property is primarily for residential housing along with a component of multi-family along with a business park and community commercial.
On September 1, 2015, the City of San Marcos approved a term sheet that designated the parameters for which a Public Improvement District for the Trace Subdivision would be created. The key terms of this term included the following:
Maximum Total Indebtedness $19,500,000
Total Construction Dollars for which the developer can be reimbursed $15,500,000
The Maximum Total Equivalent Tax Rate could not exceed $0.50
In October 2016, the City Council adopted a Service and Assessment Plan for the Trace Public Improvement District. Periodic updates ...
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