Title
Discuss and consider action to approve a resolution regarding a TIRZ reimbursement request for the public infrastructure associated with the NorthPointe East Development.
Summary
The subject property is approximately 38 acres, generally located north of East Pflugerville Parkway and south of Kelly Lane. The extension of Colorado Sand Drive, a minor arterial roadway, will be constructed through the tract by the City.
The property owners and development partners (the “applicant”) are requesting reimbursement for up to $15,999,795 for the costs of public infrastructure, including water, wastewater, drainage, public streets and TxDOT decel lanes, dry utilities, public amenity (includes landscaping, and trail and sidewalk landscaping and irrigation from 100% of the available TIRZ increment. The costs also include soft costs, design, permit fees, inspection fees, etc.
This item supports the Council's strategic goals for infrastructure and economic development.
TIRZ Board Action
The TIRZ Board met on August 1, 2023 to recommend approval of staff recommendation regarding the TIRZ reimbursement.
The TIRZ Board met on Just 19, 2023 to discuss the NorthPointe East TIRZ request. The item was postponed to allow for additional consideration of a claw back provision. The applicant provided an updated term sheet which was attached for Board consideration.
Deadline for Action
Action is request on August 8, 2023
Fiscal Impact
Approx. $15,999,795 plus City administration costs over the course of the TIRZ reimbursement agreement
Attachments
Resolution
Exhibit A - Term Sheet (Staff Recommended)
Updated Term Sheet - Submitted by Applicant
Staff Report
Chapter 311 Texas Tax Code - Excerpt of Eligible Reimbursements
TIRZ No. 1 Reimbursement Guidelines
TIRZ Public Benefit-Cost Analysis - Submitted by Applicant
Original Term Sheet - Submitted by Applicant
North Pointe PUD (Land Use & Development Regulations)
Developer Roadway Reimbursement Agreement for Colorado Sand Drive (Kedma Ventures original and amendment)
Third Amendment to the TIRZ Project Plan and Finance Plan (adopted as 2nd Amendment)
Recommended Motion
Motion to approve staff's recommendation as presented.