Title
A resolution approving a Reimbursement Agreement for Improvement Areas A-5 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, Huffines Communities, is close to completing certain segments of public improvements for Improvement Area A-5 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 Huffines 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 A-5
Roadway Improvements $206,692
Sanitary Sewer System Improvements 78,678
Storm Sewer System Improvements 110,657
Water Distribution System Improvements 83,679
Public Landscaping 836
Soft Costs 77,806
Zone A Infrastructure 56,592
Major Infrastructure 59,985
Total $674,925
The source of revenue for the reimbursements will be assessment revenue collected on properties within Improvement Area A-5. A map illustrating Solterra Improvement Area A-5 (9 lots) is attached for reference.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Map of Improvement Area A-5
Drafter
Ted Chinn
Head of Department
Ted Chinn