AGENDA CAPTION:
Title
Consider approval of Resolution 2018-173R, amending and restating the Trace Public Improvement District Acquisition and Reimbursement Agreement.
Body
Meeting date: September 18, 2018
Department: City Manager Office, Steve Parker, Assistant City Manager
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 original approved the original Reimbursement Agreement on October 16, 2016. The City Council amended the PID 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...
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