Title
Approving an ordinance on second reading with the caption reading: AN ORDINANCE OF THE CITY OF PFLUGERVILLE, TEXAS, APPROVING THE FIRST AMENDMENT TO THE FINANCING AGREEMENT FOR REINVESTMENT ZONE NUMBER ONE, CITY OF PFLUGERVILLE, TEXAS; AUTHORIZING THE MAYOR TO EXECUTE SAID AMENDMENT; CONTAINING VARIOUS PROVISIONS RELATED TO THE FORGOING SUBJECT.
Summary
This item is directly related to Ord 0169 (Item 4A), listed for public hearing and first reading on this agenda. If approved, this ordinance is required to amend the financing agreement by and among the City of Pflugerville, Reinvestment Zone Number One and Terrabrooke Falcon Pointe, L.P. As noted in the related item, Reinvestment Zone Number One includes a segment of East Pflugerville Parkway within its boundary. The adopted Project Plan limits the project scope to right-of-way acquisition for a to be determined amount. The proposed First Amendment provides further definition, cost, and responsibility to this project, in which Newland Communities, developer of the Falcon Pointe Subdivision, is proposing to improve and widen East Pflugerville Parkway at a projected cost of $1.2 million. The scope of the project is to widen the 2-lane roadway to 4 lanes with a center median and construct a 10-foot multi-use path along the north side of the road. The extent of the project is limited to the portion within the Reinvestment Zone boundary, east of SH 130.
Approving this item allows the modified version of the East Pflugerville Parkway project to be included in the list of developer projects eligible for reimbursement, establishes that the widening shall commence within 180 days of teh approval of the First Amendment, and that construction of the improvements fulfills obligations associated with the Traffic Impact Analysis (TIA) required with the development of the south tract of Falcon Pointe Subdivision.
All of the Developer projects within the existing Project Plan are currently under construction, including Colorado Sand Drive, Lonestar Ranch Blvd and other infrastructure and amenity projects. These are slated for completion in this fall.
Status
The Board for Reinvestment Zone Number One (Falcon Pointe TIRZ) approved this item on July 24, 2013.
Prior City Council Action
The Financing Agreement was approved by the City Council on January 24, 2012. The City Council approved this item on first reading on August 27, 2013.
Deadline for City Council Action
N/A
Fiscal Impact
The proposed project adds $1.2 million to the list of projects to be reimbursed with Zone funds, but relieves the City of Pflugerville of the responsibility to widen this segment. Upon completion, the improvements will be accepted for maintenance by the City.
Staff Recommendation
Staff recommends approval.
Drafter
Trey Fletcher, AICP
Assistant City Manager