AGENDA CAPTION:
Title
Consider approval of Resolution 2020-103R, approving the form and authorizing the distribution of a Preliminary Limited Offering Memorandum for “City of San Marcos, Texas special assessment revenue bonds, series 2020, Whisper Public Improvement District.”
Body
Meeting date: May 19, 2020
Department: Finance
Amount & Source of Funding
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Fiscal Note:
Prior Council Action: October 2014 - Council approved term sheet, December 2015 - Term sheet amendment #1 extending date for submission of design plans to June 2016, September 2017 - Term sheet amendment #2 extending date for construction completion to September 2018 and increase of maximum annual assessment, January 2019 - Term sheet amendment #3 extending date for construction completion to May 2019 and create traffic impact analysis criteria, April 2020 - Term sheet amendment #4 referring all terms to the Amended and Restated Financing Agreement upon completion
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 - Choose an item.
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☐ Core Services
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Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
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Background Information:
Whisper PID (public improvement district) will reimburse the developer for infrastructure, improvement and construction completed for: 28-acre business park, 285 acres of commercial development, 106 acres single family residential, 111 acres master retail and commercial center, and 50,000 square foot commercial spec building. Estimated addition to the tax roles at build out is $638.2M. A maximum of $14.6M in PID bonds will be issued to reimburse the developer for improvements that provide special benefit to the district.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
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