| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 10/25/2016
Department: Special Projects
Department Head: Peter Braster
Agenda Coordinator: Monica Martinez |
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CAPTION
To approve a Development Agreement between the City of Plano, Texas and SWC Tollway & 121, LLC for lift station and sewer improvements; and street, median and landscape improvements; and authorizing the City Manager to execute all necessary documents. APPROVED |
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FINANCIAL SUMMARY Revenue, CIP
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| FISCAL YEAR: 2016-17 & 2017-18 |
Prior Year
(CIP Only) |
Current
Year
|
Future
Years
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TOTALS |
| Budget |
0 |
0 |
0 |
0 |
| Encumbered/Expended Amount |
1,000,000 |
0 |
0 |
1,000,000 |
| This Item |
0 |
0 |
0 |
0 |
| Balance |
1,000,000 |
0 |
0 |
1,000,000 |
| |
|
|
|
|
FUND(S): Sewer CIP & Public Infrastructure Improvements CIP
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COMMENTS: This item revises and restates two separate Economic Development Incentive Agreements. While the amount under the new Agreement remains the same as the prior two Agreements, $1.5 million in previously obligated funding will now shift from the Public Infrastructure Improvements CIP to the Sewer CIP to pay for wastewater system improvements. SWC Tollway & 121 LLC will now construct all median and pedestrian improvements at their expense and pay $1.0 million for engineering of the wastewater system improvements. |
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SUMMARY OF ITEM
The City and SWC Tollway & 121, LLC entered into two agreements, an Economic Development Incentive Agreement dated December 17, 2015 regarding street, median and landscaping improvements, which was amended on July 11, 2016 and an Economic Development Incentive Agreement dated January 20, 2016 regarding lift station and sewer improvements. City staff has determined that the form of the two agreements needs to be revised and combined into a single Development Agreement to more efficiently execute the work. The funding contribution for the entirety of the work from SWC Tollway & 121, LLC remains unchanged.
Strategic Plan Goal:
Financially Strong City with Service Excellence, Strong Local Economy
Plano Tomorrow Plan Pillar:
Built Environment, Economic Environment |
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| ATTACHMENTS: | | Description | Upload Date | Type | | Memo | 10/14/2016 | Agreement | | Agreement | 10/18/2016 | Agreement |
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