Title
Consideration and action with respect to "RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF PFLUGERVILLE, TEXAS COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION, SERIES 2017B AND OTHER MATTERS RELATED THERETO." (TIRZ developer reimbursement)
Summary
The Reinvestment Zone #1 of the City of Pflugerville, Falcon Pointe TIRZ (TIRZ) was created in December 2010 with the intent of reimbursing the developer and the City for specific projects constructed within the TIRZ boundary. The approved project plan (as amended) outlined the developer construction projects: Colorado Sand Segment A, South Tract regional pond, South Tract lift station, Lone Star Ranch Boulevard, and East Pflugerville Parkway; and City construction projects: Colorado Sand Segment B. To date, all construction projects are complete.
In accordance with the TIRZ financing agreement, a project reimbursement audit was completed by an independent auditor. This audit concluded that as of March 30, 2016, the developer had expended approximately $7.8 million on eligible projects. The financing plan also allows for interest to be paid to the developer on project costs for up to five years. In July 2016, the TIRZ reimbursed the developer $6.3 million from the proceeds of the 2016B Certificate of Obligation issuance for projects ($5.7 million) and interest ($612,000). The remaining reimbursement due to the developer is $2.3 million; $2.1 million for eligible projects and an estimated $200,000 in interest and bond issuance costs. The TIRZ financing plan outlines the rate of interest as the rate of debt issuance and since that rate has not yet been determined, the City has estimated the interest. The City expended $2.2 million in eligible TIRZ related projects and is not eligible for interest under the TIRZ financing plan. In 2016, the TIRZ reimbursed the City $1.5 million from the proceeds of the 2016C Certificate of Obligation issuance. The remaining r...
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