Title
Approving a Resolution approving a Resolution of the Pflugerville Community Development Corporation Authorizing the Issuance of the Corporation's Sales Tax Revenue Bonds, Taxable Series 2025 and other related matters.
Summary
This item approves a bond agreement and purchase for Project Greenfield which is an approximately 52.686 acre tract of land, generally located south of Lake Pflugerville, east of State Highway 130, and west of Weiss Lane. The property is currently zoned Agriculture/Development Reserve (A), and is mostly vacant land. The site takes access from Pflugerville Parkway, a future 100-foot right-of-way, and is able to easily be served by nearby utilities for water and wastewater. The property is under contract by PCDC.
Pflugerville Community Development Corporation Type B sales tax funds may support the following projects: acquisition of land for (i) primary job training facilities for use by institutions of higher education, (ii) regional or national corporate headquarters facilities and (iii) entertainment, tourist, and public park purposes, including related store, restaurant, concession and parking facilities and related improvements that enhance such purposes.
This item is supported by many plans that have been adopted by City Council:
1. Economic Development pillar of the Strategic Plan;
2. Comprehensive Economic Development Strategy 3.0 - "other opportunities are to be explored, including investing in mixed-use developments, including infrastructure and land purchase opportunities to improve shopping, dining, and entertainment options;"
3. Retail Recruitment Policy; and
4. Aspire Pflugerville 2040 Comprehensive Plan
The PDCD board approved Resolution No. 2025-003 at their board meeting January 23, 2025.
Prior City Council Action
On October 18, the City Council approved a Pflugerville Community Development Corporation (PCDC) sales contract for $24,500,000
Deadline for City Council Action
January 28, 2025 to stay on timeline for issuing the bonds
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: ________
1295 Form Required? Yes _X_ No __
Legal Review Required: N/A _X_ Required __ Date Completed: ___________
Supporting documents attached:
Resolution
Recommended Action
Approving the resolution that approves the Resolution of the Pflugerville Community Development Corporation Authorizing the Issuance of the Corporation's Sales Tax Revenue Bonds, Taxable Series 2025 and other related matters.