Title
A resolution authorizing the City Manager to negotiate a development agreement with BDMR Development, LLC, and Polo Ridge Fresh Water Supply District of Kaufman County regarding approximately 822.1 acres of real property located near F.M. Highway 740, F.M. Highway 2757 and Kelly Road in Kaufman County, Texas, commonly referred to as "Polo Ridge," said agreement to contain the terms set forth in attached Exhibit "A" and additional terms and provisions recommended by the City Manager.
Body
In 2007, the City entered into an agreement with Centurion American to outline the proposed development of Polo Ridge, a residential development in the City's Extraterritorial Jurisdiction (ETJ) at the intersection of FM 2757 and Kelly Road. At the time, the developer and City agreed that the best structure for this development was the establishment of a Fresh Water Supply District (FWSD) Corporation to provide necessary services for the area. The terms of the agreement called for certain variances to the City's subdivision ordinance and drainage ordinance in addition to provisions outlining an annexation schedule and vesting rights.
Since the agreement was enacted, the City and the Developer have discussed various amendments to the agreement in order to allow building to occur in the area. These proposed amendments also include significant changes to lot density, phasing of the project and various development standards. Currently, the developer has requested the City Council take action to finalize a new agreement on the development, most specifically, whether the City Council wishes to annex the property or allow it to continue to operate as a FWSD. Should the Council wish to annex the property, the developer has requested the establishment of a Tax Increment Reinvestment Zone and a Public Improvement District to assist the developer in funding infrastructure necessary for the development.
Staff will brief the City Council on the proposed development agree...
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