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.