To approve a Development Agreement by and between the City of Plano, Texas and InTownHomes, Ltd., a Texas limited partnership for the 1897 Addition Project; and authorizing the City Manager to execute all necessary documents. Approved

This development agreement provides an incentive to IntownHomes, Ltd., to redevelop the Old First Baptist Church property at the southeast corner of M Avenue and 15^th Street in Downtown Plano.  The First Baptist Church will soon be relocating to a new facility along PGBT near Coit.  The development plan, as approved by Council on October 14, 2019, calls for a mixed use development multi-family, office, retail, and townhomes.

IntownHomes has successfully worked in Downtown Plano over the last several years.  Their projects include the nearly completed Rice Field and the soon to start 15^th Street Townhome project.  Their current request is for aid in undergrounding utilities, planting street trees, providing street lighting, new sidewalks and street, sanitary sewer mains, and new water lines.  Other than the utilities, all of the new construction will be owned by the City.

TIRZ#2 Board of Directors met on July 23, 2020 and unanimously recommended that the Council approve the entire incentive request of $971,500.

Funding for this item is available in the 2020-21 TIF2-East Side budget and will expire Dec. 31, 2029 per the development agreement for the FBC / 1897 Addition Project.  The developer will receive reimbursement in the amount of $971,500 upon request after accepted completion of the improvements.  Approval of this item will leave a current year balance of $10,015,687 for future TIF funded projects. 

This item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.

Funding for this item is available in the 2020-21 TIF2-East Side budget and will expire Dec. 31, 2029 per the development agreement for the FBC / 1897 Addition Project.  The developer will receive reimbursement in the amount of $971,500 upon request after accepted completion of the improvements.  Approval of this item will leave a current year balance of $10,015,687 for future TIF funded projects. 

This item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.