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File #: 2019-7858    Version: 1 Name:
Type: Agenda Item Status: Approved
File created: 10/8/2019 In control: City Manager Office
On agenda: 10/8/2019 Final action: 10/8/2019
Title: Approving Addendum to Development Financing Agreement by and among the City of Pflugerville, Texas, Reinvestment Zone Number One, City of Pflugerville, Texas, and Terrabrook Falcon Pointe, L.P.
Attachments: 1. Addendum, 2. TIRZ Public Improvements Map

Title

Approving Addendum to Development Financing Agreement by and among the City of Pflugerville, Texas, Reinvestment Zone Number One, City of Pflugerville, Texas, and Terrabrook Falcon Pointe, L.P.

 

Summary

Approval of this Addendum is requested following the Reinvestment Zone No. One Board of Directors' approval on September 23, 2019. The purpose of this document is to acknowledge that the Developer Projects have been completed and has received its reimbursements as contemplated by the agreement. As a result, the Developer's participation under the Agreement are terminated with the final approval of the Addendum.

 

The attached map shows the completed Developer Projects.

 

Prior City Council Action

The orginal Development Financing Agreement was approved by Council January 24, 2014 and the Fourth Amendment to the Development Financing Agreement was approved by Council on September 10, 2019.

 

Deadline for City Council Action

There is no deadline for Council action.

 

Funding Expected: Revenue __  Expenditure __  N/A _x_ 

Budgeted Item: Yes __ No __  N/A _x_                     

Amount: ________ 

1295 Form Required? Yes __ No _x_                     

Legal Review Required: N/A __ Required _x_ Date Completed: 9/22/2019                                          

 

Supporting documents attached:

Addendum

TIRZ Public Improvements Map

 

Recommended Action

Motion to approve the Addendum as presented.