AGENDA CAPTION:
Title
Consider approval of Resolution 2018-172R, amending and restating the Trace Public Improvement District Financing Agreement.
Body
Meeting date: September 18, 2018
Department: City Manager Office
Amount & Source of Funding
Funds Required: N/A
Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: The City Council originally approved the Trace Public Improvement District Financing agreement on October 18, 2016 and they also amended the Trace Public Improvement District Term Sheet on August 7, 2018.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Workforce Housing
City Facilities
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
Highpointe Communities has approximately 420 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 property is primarily for residential housing along with a component of multi-family along with a business park and community commercial.
On September 1, 2015, the City of San Marcos approved a term sheet that designated the parameters for which a Public Improvement District for the Trace Subdivision would be created. The key terms of this term included the following:
Maximum Total Indebtedness $19,500,000
Total Construction Dollars for which the...
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