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]
N/A
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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
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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 improvements to reimburse developer after certain timing triggers are met.
Term sheet Amendments
Dec 2015: Extend date for submission of design plans to June 2016
Sep 2017: Extend date for construction completion to Sept 2018 and increase maximum annual assessment
Jan 2019: Extend date for construction completion to May 2019 and create Traffic Impact Analysis criteria
Mar 2020: Add language to the term sheet that allows the PID Financing Agreement to supersede the term sheet upon City Council approval of the Amended and Restated PID Financing Agreement.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
Staff recommends approval.