Title
Authorize the City Manager to execute a revised Economic Development Program Agreement (Chapter 380 agreement) with White Property Company No. 2, Ltd. (formerly, W. A. Ridge Ranch, LLC), extending the date of delivery of lots to the builders from the third quarter of 2015 to the third quarter of 2020, extending the construction date of homes from 2016 to 2019, the completion of home construction by December 31, 2036, and extending the term of the agreement from December 31, 2031, to a term of 22 years from date of execution, and authorizing the City Manager to administer the agreement on behalf of the City.
Body
The City Council originally approved a Chapter 380 Economic Development Agreement with the Ridge Ranch Development Corporation on November 2, 2009. This agreement provided for a series of incentives based upon the appraised value of homes constructed on approximately 750 single-family home lots. The original term of the agreement was 20 years with a termination date of December 31, 2029.
On December 1, 2010, the developer requested a two-year extension of the dates to deliver lots to builders and begin construction. On March 21, 2011, the City Council approved a Chapter 380 Economic Development Agreement, Revised, which extended the date to deliver approximately 150 lots to builders by the third quarter of 2013, and the construction of those homes to begin by 2014, with construction of all homes completed by December 31, 2031. The term of the Chapter 380 agreement was also extended two years for a term of 22 years terminating on December 31, 2031. No other terms and conditions were changed.
On June 28, 2013, the developer requested an additional two-year extension of the revised Chapter 380 agreement due to continued weakness in the local housing market. On August 19, 2013, the City Council approved an amendment extending the date to deliver approximately 150 lots to builders by the third quarter of 2015, and the construction of th...
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