Title
Approving an Interlocal Agreement between Pflugerville Community Development Corporation and the City of Pflugerville, Texas pertaining to infrastructure improvements.
Summary
This Interlocal Agreement (ILA) furthers collaborative economic development efforts of the City of Pflugerville and the Pflugerville Community Development Corporation (PCDC) to sustain activities in the vicinity of the One Thirty Business Park at the southwest corner of SH 130 and Pecan Street, and to attract a location for Costco Wholesale Corporation to the community at the southeast corner of SH 130 and Kelly Lane. The effect of the ILA is the PCDC agrees to pay the city annually an amount equal to one-half (1/2) of the 1/2 cent sales and use tax revenues PCDC receives (total of 1/4 cent) for transactions arising from and within the Costco Property up to the maximum reimbursement of $1,500,000.
These payments shall be used solely for the reimbursement of roadway and utility improvements made by the City to the areas adjacent to the PCDC One Thirty Business Park.
Status
On October 25, 2017 the PCDC approved a resolution authorizing the Interlocal Agreement with the City with the following motion: “Move to adopt Resolution 2017-012 and to direct our Executive Director to endorse the associated interlocal agreement, only upon the City’s delivery to the PCDC of an appropriate 380 agreement, which shall then be incorporated into the said interlocal agreement."
Prior City Council Action
None.
Deadline for City Council Action
Staff requests consideration on November 14, 2017 to align all of the related requested approvals in support of infrastructure and improvements.
Projected Future City Council Action
No additional action is anticipated.
Fiscal Impact
Over the 15-year term of the agreement, PCDC will make payments to the City up to $1,500,000.
Staff Recommendation
Staff recommends approval.
Drafter
Trey Fletcher
Assistant City Manager