| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 7/22/2019
Department: Special Projects
Department Head: Peter Braster
Agenda Coordinator: |
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CAPTION
Consideration to approve a Development Agreement between the City of Plano, Texas and Collin Creek Development, LLC for the Collin Creek Mall Redevelopment Project; and authorizing the City Manager to execute all necessary documents. Approved |
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FINANCIAL SUMMARY Operating Expense, CIP
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| FISCAL YEAR: 2018-19 to 2059-60 |
Prior Year
(CIP Only) |
Current
Year
|
Future
Years
|
TOTALS |
| Budget |
0 |
0 |
0 |
0 |
| Encumbered/Expended Amount |
0 |
0 |
0 |
0 |
| This Item |
0 |
0 |
0 |
0 |
| Balance |
0 |
0 |
0 |
0 |
FUND(S): Public Infrastructure CIP, GO Debt Fund, Municipal Drainage Fund
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COMMENTS: This item approves a development agreement for the City of Plano's participation in the redevelopment of the Collin Creek Mall property. The city will pay for public infrastructure improvements and renovation of a drainage culvert funded by General Obligation Bonds and Municipal Drainage Revenue Bonds, which will be repaid through the interest and sinking portion of the City's property tax rate and drainage fees assessed via monthly utility bills. The estimated amount of these expenses is $10 million for public infrastructure improvements and $50 million for renovation of the drainage culvert, and the exact financial impact is indeterminable and dependant on market conditions when the City of Plano would issue debt in the future. |
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SUMMARY OF ITEM
Strategic Plan Goal:
Financially Strong City with Service Excellence, Strong Local Economy, Exciting Urban Centers - Destination for Residents and Guests
Plano Tomorrow Plan Pillar:
Social Environment, Economic Environment |
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| ATTACHMENTS: | | Description | Upload Date | Type | | Memo | 7/15/2019 | Memo | | Agreement | 7/18/2019 | Agreement |
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