AGENDA CAPTION:
Title
Consider approval of Resolution 2024-126R, approving an amendment to the reimbursement agreement with Carma Paso Robles, LLC, for the San Marcos, Texas Tax Increment Reinvestment Zone No. 4 that increases the reimbursement amount to the developer from $30,000,000.00 to $46,000,000.00 in connection with the Kissing Tree development at Hunter and Centerpoint Roads; authorizing the City Manager, or her designee, to execute the amendment on behalf of the city; and declaring an effective date.
Body
Meeting date: June 4, 2024
Department: Finance
Amount & Source of Funding
Funds Required: $16,000,000
Account Number: N/A
Funds Available: Tax Increment Reinvestment Zone #4 - Kissing Tree
Account Name: N/A
Fiscal Note:
Prior Council Action: In 2011, City Council approved Resolution 2011-143, entering into a new development agreement with Carma Paso Robles LLC, who was acquired by Brookfield Residential Inc. that authorized reimbursement for public infrastructure improvement up to $20,000,000. In August 2021, council approved Resolution 2021-139 increasing the reimbursement agreement with Carma Paso Robles, LLC from $20,000,000 to $30,000,000 for additional project costs. The approved increase to the developer reimbursement agreement would line up with the project cost as outlined in the project plan and reinvestment zone financing plan Tax Increment Reinvestment Zone (TIRZ) No. 4 as amended in December 2020, Council approved Ordinance 2020-86.
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