Title
Discuss and consider action regarding negotiating a TIRZ reimbursement agreement for a total maximum of $4,362,224 for public infrastructure associated with the North Pointe East development, and authorizing the City Manager to conduct negotiations.
Summary
The subject property is approximately 38 acres, generally located north of East Pflugerville Parkway and south of Kelly Lane. It is in within proximity to Falcon Pointe residential uses to the east, the existing hospital and new medical offices under construction to the south, and commercial uses to the north.
The extension of Colorado Sand Drive, a minor arterial roadway, is currently being constructed through the tract by the City. Such public infrastructure improvements also include a detention pond located at the southernmost point within the development.
The property owners and development partners (the “applicant”) are requesting reimbursement for up to $4,362,224 for the costs associated with public infrastructure, including the following:
- On-site and off-site wastewater improvements
- Street improvements (Alba Bonita Drive and Elan Drive)
- Land value associated with the public right-of-way dedication of Alba Bonita Drive and Elan Drive
- TxDOT decel lanes
- Soft costs, including engineering, master developer pursuit costs, management fee on hard costs, bond, city permit and inspection fees, materials testing fees, construction management, and financing costs.
If City Council authorizes the City Manager to conduct negotiations, staff requests the following items to be within the motion:
1. Maximum total reimbursement
2. Percent participation rate (i.e., 70% of the available annual TIRZ revenue from the North Pointe project site may reimburse the developer over the course of the project.)
3. Identify the public infrastructure projects for reimbursement
4. Specificity on what may be reimbursed (e.g., hard construction costs, soft costs, financing, etc.)
5. Performance-Based Standards (i.e., re...
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