AGENDA CAPTION:
Title
Consider approval of Resolution 2020-80R, approving a fourth amendment to the term sheet attached to Resolution 2014-143R regarding the advisability of the improvements in the Whisper Public Improvement District and declaring an effective date.
Body
Meeting date: February 18, 2020
Department: Finance-Heather Hurlbert, Finance Director/CFO
Amount & Source of Funding
Funds Required: N/A
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Fiscal Note:
Prior Council Action: Detailed in the background information.
City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Fiscally Responsible Incentives for Economic Development
? Environment & Resource Protection - Choose an item.
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? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
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? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
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 improvemen...
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