AGENDA CAPTION:
Title
Receive a Staff Presentation, receive a report from the Council Subcommittee and Hold a Public Hearing to receive comments for or against a request by Robert McDonald, on behalf of Yarrington Partners, LTD and the Texas General Land Office, for the establishment of a Public Improvement District for the Whisper Public Improvement District; and consider approval of the PID Term Sheet and Resolution 2014-143R making findings as to the advisability of the improvements proposed in the Whisper Public Improvement District in accordance with Chapter 372 of the Texas Local Government Code.
Body
Meeting date: October 6, 2014
Department: Development Services
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
CITY COUNCIL GOAL: Big Picture Infrastructure
BACKGROUND:
Term Sheet Highlights:
· Business Park / Commercial - 577 acres total
· Reimbursement PID - the developer will fund the improvements and be reimbursed after meeting certain timing triggers
· $14,360,000 Maximum Debt with $10,398,361 to cover construction costs
· Timing Triggers - for infrastructure improvements as well as vertical construction
· Building and Site Design Standards - for a 50,000 square foot commercial building
Process:
· Hold a Public Hearing
· Make a finding per Section 372.009(b) of the local government Code
· Approve a resolution to authorize the creation of the district within six (6) months