Title
1.)Executive Session Item: Consultation with legal counsel pursuant to Chapter 551.071 of the Texas Government Code to discuss request to Consent to Assignment of Development Agreement consenting to the assignment of 130 Cactus Investment, L.P.'s rights and obligations under the agreement to Sorrento Holdings, LLC. 2.) Open Session Item: Discuss and consider action to approve a Consent to Assignment of Development Agreement consenting to the assignment of 130 Cactus Investment, L.P.'s rights and obligations under the agreement to Sorrento Holdings, LLC.
Summary
130 Cactus Investment, L.P. requests that the City of Pflugerville approve the assignment of their development agreement to allow for the closing of the sale of the Sorento Subdivision which includes all of the land formerly known as the Bohls North Tract and the PCDC Tract. This assignment would be for the original development agreement, first amendment and second amendment. The proposed consent agreement and the development agreements are attached.
Deadline for City Council Action
Action is requested on September 25, 2012.
Fiscal Impact
N/A
Staff Recommendation
Approve the assignment of the development agreement.
Drafter
Trey Fletcher
Assistant City Manager