AGENDA CAPTION:
Title
Receive a staff presentation and consider entering into discussions regarding the Village at Posey Road Public Improvement District, consider appointing an ad hoc committee, and provide direction to staff.
Body
Meeting date: April 1, 2025
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: In 2015 and 2020 City Council approved a resolution establishing a moratorium on financial incentives for residential developments.
City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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Background Information:
In 2015 and 2020 City Council approved a resolution establishing a moratorium on financial incentives for residential developments. The moratorium included two expiration triggers: 1) adoption of the updated Comprehensive Plan and 2) the City determining the need for financial incentives for residential developments (resolution attached). With the adoption of Vision SMTX staff began receiving inquiries about Public Improvement District (PID) requests. The Village at Posey Road is the first formal application received.
The subject property is approximately 50 acres near the northwest corner of Posey Road and Old Bastrop Highway. The applicant's proposed PID Terms are attached. Prior to entering into detailed discussion wit...
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