Title
Executive Session Item: Discussion regarding deliberations on economic development negotiations pursuant to Chapter 551.087 of the Texas Government Code and consultation with legal counsel pursuant to Chapter 551.071 of the Texas Government Code for legal advice concerning a Fourth Amendment to the Development Agreement Regarding Bohls North and PCDC Tracts in Travis County MUD 17 (Sorento) generally located east of Weiss Lane between Jesse Bohls Road and Hidden Lake Crossing. Open Session Item: Discuss and consider action to approve a Fourth Amendment to the Development Agreement regarding Bohls North and PCDC Tracts in Travis County MUD 17 (Sorento) generally located east of Weiss Lane between Jesse Bohls Road and Hidden Lake Crossing.
Summary
Approving this amendment removes the obligation of the development partner to fulfill the terms of Article IX (H) that was adopted as part of the First Amendment to the Development Agreement in 2006. At that time, the agreement applied to three different development areas, including Sorento, formerly known as the Bohls North Tract. Subpart H, referenced above, required the development partner to execute an escrow agreement within 60 days of the effective date of the Amendment. No such agreement was done, and until recently with Sorento, the proposed development never materialized. The effect of the escrow agreement was to escrow $500 for each residential lot sold in the Cactus Residential property or Bohls North Tract to be used to fund off site water and wastewater improvements to serve the Cactus Town Center ALUR. Funds remaining after those improvements were completed were to be used to fund internal water and wastewater improvements to serve the Cactus Town Center ALUR, previously proposed at the northeast corner of SH 130 and East Pecan Street.
Water and wastewater impact fees will be collected as the Sorento Subdivision is created. The fee is currently being reevaluated in conjunction with the developmen...
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