Title
Conduct a public hearing and consider a resolution approving a First Amendment to an Economic Development Program Agreement (Chapter 380 Agreement) between the City of Mesquite and TDI Valleybrooke, LLC, regarding an extension to the agreement term, revising maintenance responsibilities and changes to the incentive payment terms, and authorizing the City Manager to finalize, execute and administer the First Amendment and to take all actions necessary or advisable to complete the transactions contemplated by the First Amendment.
Body
The City entered into a Chapter 380 Agreement with the developer of the Valleybrooke Development in 2021. The agreement outlined an exchange of City property to enhance the development, and the developer agreed to construct trails adjacent to the future Copeland Park as an amenity for the subdivision and other residents in the area.
Due to remediation of portions of the property, not provided by the City, the developer encountered significant delays in starting the project. With the completion of Phase One of the development, the developer requested the City consider changes to the initial agreement to reflect changes to the concept plan that better reflect the location of trails required by the City. It was also determined that the Valleybrooke Homeowners Association (HOA) should be responsible for maintenance of trails on HOA property.
The amendment under consideration will address the following changes:
* Changing the starting date for the first home from September 2024 to January 2025.
* Changing the date for completion of all improvements including amenities and trails to July 2026.
* Revisions to address HOA responsibility for maintenance of trails.
* Updates to the trail plan.
* Addition of an access easement to ensure public access to trails in the subdivision.
* Changing the incentive payment of $271,000.00 from one payment to two payments with one half of the incentive to be paid now at the completion of Pha...
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