Title
A resolution approving a First Amendment to the Solterra Public Improvement District (PID) Reimbursement Agreement (Improvement Area C-3).
Body
On July 17, 2023, the City Council passed Resolution No. 31-2023 approving a reimbursement agreement with HC Solterra, LLC (Lennar), for costs of authorized public improvement in Improvement Area C-3.
State law prohibits cities from contracting with businesses that boycott energy companies, discriminate against firearm entities or associations, or boycott Israel. The Texas Attorney General’s (AG) Office, which is required to review and approve most bond issuances in Texas, has recently issued guidance to ensure that proceeds of bonds issued to reimburse developers are expended in accordance with these laws.
This First Amendment restates the statutory verification language that HC Solterra, LLC and Lennar agree to under the Reimbursement Agreement to conform with the AG’s written guidance and requires the Developer to file, upon request of the AG, a standing letter to provide additional verification to prove their compliance during the AG’s bond review.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Resolution No. 31-2023
Drafter
Ted Chinn
Head of Department
Ted Chinn