Title
A resolution authorizing the City Manager to negotiate a new development agreement and/or an amendment to an existing development agreement with CADG Kaufman 146, LLC and Kaufman County Fresh Water Supply District No. 5 regarding approximately 146.73 acres of real property located near Farm to Market Road 741, Interstate Highway 20 and Heartland Parkway in Kaufman County, Texas, commonly referred to as "Heartland Town Center Development," said agreement and/or amendment to contain the terms set forth in attached Exhibit "A" and additional terms and provisions recommended by the City Manager.
Body
The City of Mesquite entered into an agreement with 269 Kaufman Partners, LTD., on June 7, 2010. The purpose of the agreement was to preserve the property for a high quality town center commercial development along the IH 20 Corridor. The rights to develop the property expired in 2014 due to inactivity. Centurion American, the current owner of the property, is requesting Council consideration for changes to the agreement or establishment of a new agreement.
Centurion is requesting the City Council consider alterations to the concept plan to include the addition of residential development within the area. The developer is also requesting council consider annexation of the property. Dependent upon council direction, the developer has requested the establishment of a Tax Increment Reinvestment Zone and Public Improvement District should the property be annexed into the City.
Staff will brief the City Council on the proposed development agreement and seek direction on a number of terms. The developer has requested council take action on the terms of the agreement and have a final development agreement on the November 6, 2017, City Council Agenda. In order to accommodate this request, staff is proposing the Council adopt a resolution authorizing the City Manager to negotiate the agreement with specific terms adopted by the City Council.
Recommended/Desired...
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