Title
Discuss and consider action regarding a reimbursement and refund agreement between the City and the Pflugerville Community Development Corporation (PCDC) for principal and interest payments for debt issued to construct infrastructure related to Impact Way.
Summary
The Pflugerville Community Development Corporation (PCDC) desires to further improvements within the 130 Commerce Park (Renewable Energy Park) at the intersection of State Highway 130 and East Pecan Road. Specifically, PCDC desires to construct Impact Way and the associated sidewalks, drainage, water and wastewater lines as well as a detention pond.
The City has agreed to issue bonds in order to loan PCDC funding for these infrastructure improvements and PCDC will make the related debt service payments. The agreement under consideration further outlines the terms of the arrangement and the responsibilities of each party. The agreement has been reviewed by Mr. George Hyde, City Attorney, and Mr. Floyd Akers, Executive Director of PCDC.
Deadline for City Council Action
Prior to the award of sale of the certificates scheduled for January 28, 2014.
Fiscal Impact
PCDC will fund the debt service payments. There is no direct fiscal impact to the City.
Staff Recommendation
Approve the agreement.
Drafter
Lauri Gillam
Assistant City Manager