AGENDA CAPTION:
Title
Consider approval of Resolution 2014-149R authorizing and creating the Whisper Public Improvement District in accordance with Chapter 372 of the Texas Local Government Code.
Body
Meeting date: October 21, 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
Council Process:
· October 6: Held a Public Hearing
· October 6: Approved PID Term Sheet & made a finding of advisability of the improvements per Section 372.009(b) of the local government Code
· October 21: Consider approval of a Resolution to authorize the creation of the district within six (6) months of October 6 public hearing and approvals