A Development Agreement with TB Plano 1 LLC was approved at the August 13, 2018 Council Meeting.  The Development Agreement approved funds in the not to exceed amount of $423,356.  The funds allow for the relocation of an Atmos gas line in the amount of $249,000 and the installation of a new storm drain line in J Place, in the amount of $174,356.

The Plano Marine Project is located at the northwest corner of 10^th Street and K Avenue.  The project consists of two multifamily buildings with 380 total units and a 512-space parking garage.  In addition, the new DART 12th Street Red Line Station and the new DART 12th Street Silver Line Station will be adjacent to the development.

The developer has now made a request for additional funds to aid in undergrounding the aerial power lines on the north side of 10^th Street.  The Board of Directors for the Tax Increment Financing Reinvestment Zone Number Two (TIRZ#2) has reviewed the additional request.  The Board recommends the approval of an amendment to the development agreement in the not to exceed amount of $290,000.   The $290,000 represents approximately half of the total cost of relocation to underground conduits.  The developer will be funding the remainder of the cost.

If approved, this amendment will bring the total not to exceed amount of the development agreement to $713,356.

Funding for this item is available in the TIRZ#2 Fund.  The amendment to the Plano Marine Project development agreement in an amount not to exceed $290,000, will leave a balance of $10,829,434 for future TIRZ#2 funded projects. 

Approval of this item will support the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.