Title
A resolution approving a Reimbursement Agreement for Improvement Area C-4 of the Solterra Public Improvement District.
Body
On April 5, 2021, the City Council passed Resolution No. 15-2021 creating the Solterra Public Improvement District (PID). The Developer of the South Tract, Lennar Homes of Texas Land and Construction, is close to completing certain segments of public improvements for Improvement Area C-4 and a reimbursement agreement must be executed before City Engineering staff accepts public improvements in this area.
The proposed resolution and reimbursement agreement specifies the manner in which property assessment revenue will be applied to the amount of authorized public improvement costs that Lennar has advanced and is entitled for reimbursement, with interest, in accordance with the Development Agreement, Service and Assessment Plan (SAP) and State law. These authorized public improvement costs are summarized as follows:
Improvement Area C-4
Roadway Improvements $3,600,300
Sanitary Sewer System Improvements 1,086,600
Storm Sewer System Improvements 1,777,500
Water Distribution System Improvements 1,223,700
Public Landscaping 581,400
Soft Costs 1,991,650
Zone C Infrastructure 1,968,554
Major Infrastructure 979,475
Bond Issuance Costs 2,248,135
Administrative Costs 40,000
Total $15,497,314
The source of revenue for the reimbursements will be a combination of net construction proceeds from the PID bond sale for Improvement Area C-4 and assessment revenue collected on properties within Improvement Area C-4 after annual PID bond debt service payment obligations are met. A map illustrating Solterra Improvement Area C-4 (246 lots) is attached for reference.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Map of Improvement Area C-4
Drafter
Ted Chinn
Head of Department
Ted Chinn