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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 4/26/2021 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Resolution to create a local government corporation for the Collin Creek parking garages. | | RECOMMENDED ACTION: | Adoption of Resolutions |
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| | | | | | | | ITEM SUMMARY Resolution No. 2021-4-7(R): To create a local government corporation named Plano Parking Facilities for the Collin Creek project; approving the certificate of formation and bylaws; appointing a Board of Directors; authorizing employment of an Executive Director; authorizing conveyance of real property to Plano Parking Facilities; and providing an effective date. Adopted |
| | | | | | | | PREVIOUS ACTION/PRESENTATION In July 2019, City Council approved a Development Agreement with Centurion American (Developer) for the Collin Creek Redevelopment Project. The agreement outlines both the responsibilities of the Developer and the City of Plano. It is the framework for a public private partnership that makes the City, not just part of the revitalization, but a major component to ensure the revitalization can be accomplished. At the time of its approval, a second agreement (a Funding Agreement) that details the relationship was contemplated and noted in the Development Agreement. The Funding Agreement was approved in December 2020. The agreement further defines and provides specifics about the responsibilities of the City and the Developer. |
| | | | | | | | BACKGROUND In Section 5.03 of the Funding Agreement, the City agreed to consider forming a local government corporation (LGC) for the purpose of owning and operating the East Parking Garage and the West Parking Garage. This action is fulfilling the City's obligation of this section.
A LGC will allow the City to construct and operate the garages more effectively. While all the safeguards for spending public funds remain, an LGC does insulate the City from owning the garages as a City facility. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact. The Developer has funded the creation of the LGC.
Approval of this item supports the City's Strategic Plan Critical Success Factor of Excellent, Innovative and Accountable City Government. |
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