Title
A resolution approving a Reimbursement Agreement relating to Improvement Area A-1 and C-1 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 the first phase of Solterra, but if the Developer expects to be reimbursed for public improvements under the Development Agreement, a reimbursement agreement must be executed before City Engineering staff accepts any such public improvements.
Ordinarily, this Reimbursement Agreement would be part of the bond documents that the City Council would approve at the time of issuing the PID revenue bonds; however, Huffines chose to upfront a portion of the costs of Phase 1 and have the City issue a trailing bond sale, which is scheduled for later in the year.
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-1
Excavation Improvements $2,450,773
Sanitary Sewer System Improvements 4,677,782
Storm Sewer System Improvements 6,579,075
Water Distribution System Improvements 4,975,077
Street Improvements 9,838,029
Public Landscaping 49,725
Zone A Infrastructure 3,531,999
Major Infrastructure 2,441,871
Major Public Landscaping 1,746,791
Contingency 1,580,778
Construction Management 1,636,679
Development Fees 3,045,100
Total $42,553,679
Improvement Area C-1
Excavation Improvements $173,178
Sanitary Sewer System Improvements 1,069,668
Storm Sewer System Improvements 886,380
Water Distribution Sy...
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