Title
Approving the Third Supplement and Amendment to the Economic Development Agreement for Stone Hill Town Center, Pflugerville, Texas.
Summary
NewQuest and the City of Pflugerville anticipate that the recent opening of the movie theater in the Stone Hill Town Center will drive a diversification of uses to the center, most particularly restaurants. NewQuest has approached the City about removing the traffic circle located at the intersection of Limestone Commercial Drive and Stone Hill Drive, and incorporating on-street parking proximate to this intersection. The purpose of this amendment is to formalize the terms which have been negotiated between the City of Pflugerville and NewQuest regarding the approved conceptual plan. The purpose of the attached conceptual site plan is to reflect the removal of the traffic circle at Limestone Commercial and Stone Hill Drives and does not modify, add or delete signs reviewed and approved in the context of the 2nd Amendment in 2009. The attached enlargment of the affected area of the conceptual site plan is also not approved for construction. The application to construct these public improvements was submitted on June 3rd and is being reviewed by staff.
Status
Implementation of the proposed changes discussed herein is expected to be imminent. Staff has been meeting with Enviroplan Architects and NewQuest regarding the development of two of the four lots at this intersection.
Prior City Council Action
This matter has been discussed with the City Council in February and March of 2011 in Executive Session.
Deadline for City Council Action
None.
Projected Future City Council Action
No additional action is anticipated.
Fiscal Impact
None.
Staff Recommendation
Staff recommends approval.
Drafter
Trey Fletcher, AICP
Managing Director of Operations