Title
A resolution authorizing the City Manager to finalize and execute a development agreement with CADG Kaufman 146, LLC, and Kaufman County Fresh Water Supply District No. 5 regarding approximately 146.746 acres of land generally located south of Interstate Highway 20, east of FM 741 and north of Heartland Parkway in Kaufman County, Texas, located within the extraterritorial jurisdiction of the City and being commonly referred to as “Heartland Town Center” and authorizing the City Manager to administer the agreement on behalf of the City.
Body
At the October 16, 2017, City Council meeting, Council directed the City Manager to finalize negotiations with CADG Kaufman 146, LLC, for a development agreement relating to the proposed Heartland Town Center Development. The development consists of two tracts, a 25.5-acre commercial/retail tract and a 121.3-acre tract for residential use to include approximately 450 residential lots. The lots will primarily be 40-50 feet wide and will be comparable to the size of lots located in the Heartland development.
The lots will be distributed as follows:
Lot Type # of Units
40 feet wide 182
50 feet wide 268
The developer has requested annexation into the city as part of the agreement on the condition the City establish a Tax Increment Reinvestment Zone (TIRZ) and a Public Improvement District (PID) in order to fund infrastructure needed for the development. Staff’s analysis of the proposed TIRZ finds that the revenue obtained from the development will be sufficient to cover increased costs of public safety for the area and will supplement the assessment paid by property owners within the PID.
The agreement also identifies development standards that would be unique to this subdivision. The developer will pay all development fees.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Concept Plan - 7/2017
Drafter
Cliff Keheley
Head of Department
Cliff Keheley