Title
A resolution authorizing the City Manager to finalize and execute a Second Amendment to the Iron Horse Development Agreement to amend Section 3.03 "Distribution of PID Bond Proceeds" for the development of property commonly referred to as "Iron Horse Village," and being generally located north of Rodeo Drive, south of Scyene Road (also known as State Highway 352), east of Stadium Drive and west of Rodeo Center Boulevard within the corporate limits of the City of Mesquite in Dallas County, Texas.
Body
The Iron Horse Development Agreement, approved by the City Council on November 19, 2018, establishes the development standards and financing mechanisms to reimburse the developer for authorized public improvements. As currently specified, Section 3.03 "Distribution of PID Bond Proceeds" prohibits any reimbursement to the Developer for costs of authorized improvements until all site grubbing, grading and prep work is completed on all 56 acres of the development.
The Developer has requested that this language be amended so that the Developer may be reimbursed for authorized improvements while grading and other authorized improvements, such as water, sewer and drainage utilities may get underway simultaneously. City staff finds this request to be reasonable and believes it would expedite overall project site work and allow development to occur more efficiently and rapidly as expressed by Council at the last meeting.
The Second Amendment would still retain language in Section 3.03 requiring sufficient documentation of actual costs in order for the PID Administrator, P3Works, and City staff to effectively verify completed work and process reimbursement requests for authorized improvements accepted by City engineering staff.
A First Amendment was approved by Resolution No. 26-2019, on March 18, 2019, to extend the bond sale date an additional 90 days, from April 1, 2019, to July 1, 2019.
This proposed Second Amendment does not change any other term or condition...
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