Title
Conduct a public hearing and consider a resolution approving the terms and conditions of a program to promote local economic development and stimulate business and commercial activity in the City of Mesquite, authorizing the City Manager to finalize and execute a First Amendment to an Economic Development Program Agreement (Chapter 380 Agreement) for such purposes with HC Solterra, LLC (the “Developer”), providing a grant amount equal to certain Roadway Capital Recovery Fees collected by the City for the development of approximately 1,424-acres of land, pursuant to Chapter 380 of the Texas Local Government Code, and authorizing the City Manager to administer the agreement on behalf of the City.
Body
One of the provisions of the Second Amendment to the Solterra Development Agreement was to increase the additional roadway impact fee from $1,000.00 per lot to $3,000.00 per lot and to rename the fee to “Roadway Capital Recovery Fee.”
The Second Amendment further provides that the City and developer intend to enter into an economic development agreement to rebate the Roadway Capital Recovery Fee to the developer from the first 1,000 residential and commercial lots within the development for which the Roadway Capital Recovery Fee is collected, subject to the discretion of the City Council. For the remaining lots, the City would rebate 33.3 percent of the Roadway Capital Recovery Fee and retain the remainder.
This proposed First Amendment to the Solterra Chapter 380 Grant Agreement specifies the terms for reimbursement of Roadway Capital Recovery Fees to the developer as contemplated in the Second Amendment to the Development Agreement.
Recommended/Desired Action
Following the public hearing, staff recommends approval of the resolution.
Attachment(s)
Resolution
Second Amendment to Solterra Development Agreement
Drafter
Ted Chinn
Head of Department
Ted Chinn