Title
Discuss and consider action on a revised TIRZ reimbursement request for a total maximum of $4,362,224 for public infrastructure associated with the North Pointe East development.
Summary
The subject property is approximately 38 acres, generally located north of East Pflugerville Parkway and south of Kelly Lane. It is in within proximity to Falcon Pointe residential uses to the east, the existing hospital and new medical offices under construction to the south, and commercial uses to the north.
The extension of Colorado Sand Drive, a minor arterial roadway, is currently being constructed through the tract by the City. Such public infrastructure improvements also include a detention pond located at the southernmost point within the development.
The property owners and development partners (the “applicant”) are requesting reimbursement for up to $4,362,224 for the costs associated with public infrastructure, including the following:
- On-site and off-site wastewater improvements
- Street improvements (Alba Bonita Drive and Elan Drive)
- Land value associated with the public right-of-way dedication of Alba Bonita Drive and Elan Drive
- TxDOT decel lanes
- Soft costs, including engineering, master developer pursuit costs, management fee on hard costs, bond, city permit and inspection fees, materials testing fees, construction management, and financing costs.
Previous TIRZ Board Action
The TIRZ Board met on July 19, 2023 to discuss and consider a previous North Pointe East TIRZ reimbursement 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 at the August 1, 2023 meeting.
The TIRZ Board met on August 1, 2023 and recommended approval of staff's version of the proposed term sheet regarding the TIRZ reimbursement. (The North Pointe East project and reimbursement request has changed significantly since the last TIRZ Board action....
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