Title
Discuss and consider action approving Resolution 2025 - 003 of the Pflugerville Community Development Corporation Authorizing the Issuance of Pflugerville Community Development Corporation Sales Tax Revenue Bonds, Taxable Series 2025; Approving a Paying Agent/Registrar Agreement, a Bond Purchase Agreement and an Official Statement; and Approving Other Matters Related Thereto.
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
Prior Action
PCDC Board of Directors approved purchasing the property at the September 2024 Regular Board Meeting. A public hearing was held at the December 2024 Board Meeting.
On October 18, the City Council approved a Pflugerville Community Development Corporation (PCDC) sales contract for $24,500,000 regarding Project Greenfield for the purchase of real property, being a 52.686 acre tract of land located in the E. Kirkland Survey No. 7, Abstract No. 458, Travis County, Texas, locally addressed as 3615 E. Pflugerville Parkway, pending due diligence during feasibility period.
Legal Review Required:
N/A ___Required _x_ Date Completed: 1/15/2025
Supporting documents attached:
Resolution 2025-003
Recommended Action
Approval.
Drafter
Terri Toledo, Interim Executive Director