AGENDA CAPTION:
Title
Consider approval of Resolution 2017-139R, approving a financing agreement with Whisper Master Community Limited Partnership and Yarrington Partners Ltd. in connection with the Whisper Public Improvement District; authorizing the City Manager to execute said agreement on behalf of the City; and declaring an effective date.
Body
Meeting date: September 5, 2017
Department: City Manager’s Office, Steve Parker, Assistant City Manager
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
CITY COUNCIL GOAL: Economic Vitality and Sound Finances
COMPREHENSIVE PLAN ELEMENT(s): Economic Development Goal 5; Fiscally Responsible Incentives for Economic Development Land Use Goal 1 Direct Growth, compatible with surrounding uses,
BACKGROUND: In October, 2014 the San Marcos City Council approved resolution 2014-143R making finds as to the advisability of the improvements proposed in the Whisper Public Improvement District. The Whisper PID Term sheet consisted of the following highlights:
• 281 acre business park
• 296 acres of commercial land including a Master Retail and Commercial Center
• $14,360,000 Maximum Debt with $10,398,361 of actual construction costs to reimburse developer
• Building and Site Design Standards for a 50,000 square foot commercial spec building
• Timing triggers for infrastructure improvements as well as vertical construction
• Reimbursement PID which will fund improvements to reimburse developer after certain timing triggers are met.