Title
Authorize the City Manager to execute a revised Economic Development Program Agreement (Chapter 380 Agreement) with 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
At the March 5, 2018, City Council meeting, the Council approved an amendment to extend the term of the existing Chapter 380 Economic Development Agreement and the timing on delivery of lots to builders.
Neither party executed this amendment because the owner now requests that the agreement stay with W.A. Ridge Ranch, LLC, and not its subsidiary, White Property Company No. 2, Ltd., as stated in their letter dated February 25, 2018. Only the name has changed; no other terms or conditions change from what the Council approved on March 5.
The agreement already contains an assignment provision and this item, if approved by Council, would authorize the City Manager to approve any assignment in writing.
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...
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