AGENDA CAPTION:
Title
Consider approval of Resolution 2015-146R, approving the Trace Public Improvement District Financing Agreement, Service and Assessment Plan and Reimbursement Agreement between Highpointe Trace, LCC, a California limited liability company and the City of San Marcos, Texas, a Texas home rule municipality.
Body
Meeting date: October 20, 2015
Department: CMO
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
CITY COUNCIL GOAL: Economic Vitality and Responsible Finances
COMPREHENSIVE PLAN ELEMENT(s):
Economic Development Goal 4: An enhanced and diverse local economic environment that is prosperous, efficient and provides improved opportunities to residents.
Economic Development Goal 5: Fiscally responsible incentives for economic development.
Land Use Goal 1: Direct growth, compatible with surrounding uses.
Neighborhoods & Housing Goal 3: Diversified housing options to serve citizens with varying needs and interests.
BACKGROUND:
Pursuant to Texas Local Government Code Chapter 372, Highpointe Communities has requested that the City of San Marcos create a public improvement district (PID) within the City.
Highpointe Communities has entered into contract to purchase approximately 417 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 sale of the land is conditioned upon the formation of the PID, and the concurrent annexation and zoning of the property.
The purpose of this agenda item is to adopt a Resolution approving the PID Financing Agreement, Service and Assessment Plan and Reimbursement Agreement. These are contractual documents required for the creation and operation of the Public Improvement District. The applicant has requested concurrent Council consideration and approval of this PID Finance Agreement, a separate Resolution creating...
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