Title
Authorizing the City Manager to declare the City’s intent to exercise the City’s option to require the dedication of 20.325 acres of land by Robert M. Tiemann as identified in the “Sixth Amendment To Comprehensive Development Agreement” between Rowe Lane Development, Ltd., Robert M. Tiemann, Tiemann Land and Cattle Development, Inc., SLF IV - Blackhawk, L.P., and the City of Pflugerville.
Summary
As a part of the “Sixth Amendment To Comprehensive Development Agreement”, the City was provided an option to accept the dedication of 20.325 acres of land as satisfaction of obligations of Rowe Lane Development, Ltd., Robert M. Tiemann, Tiemann Land and Cattle Development, Inc., SLF IV - Blackhawk, L.P. The land in question is non-floodplain property which bisects the Randig Tract, and would add 20.325 acres of land to the approximately 115 acre Randig Tract which the City owns. The proposed tract is shown on the attached exhibit from the “Sixth Amendment …” document.
In exchange for dedicating the property to the City, Tiemann and Rowe Lane shall be credited with 20.325 acres of parkland dedication; receive a credit in the amount of $288,000 for application against Rowe Lane’s obligation for payment to the City of $288,000 as a contribution to the cost of Segment D of the North Pflugerville Wastewater Interceptor System; and, receive a credit in the amount of $60,000 for Infrastructure fees which may be applied against any other obligation for payment of infrastructure fees to the City.
Applying the value of the credits against the acreage being dedicated results in a value of $0.3931 per square foot, or $17,121.77 per acre. Staff believes the value consideration for this property is very fair.
The acquisition of this property will be a very beneficial addition to the Randig tract property.
Prior City Council Action
The City Council approved the “Sixth Amendment To Comprehensive Development Agreement” on September 13, 2011.
Deadline for City Counci...
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