CITY COUNCIL AGENDA MEMO|
|MEETING DATE: ||8/9/2021|
|DIRECTOR:||Peter Braster, Director of Special Projects|
|AGENDA ITEM:||Approval of the Amended and Restated Funding Agreement for the Collin Creek Mall Redevelopment Project.|
|RECOMMENDED ACTION:||Items for Individual Consideration|
ITEM SUMMARYConsideration to approve an Amended and Restated Funding Agreement between the City of Plano, Texas and Collin Creek Development LLC, a Delaware limited liability company; and authorizing the City Manager to execute all necessary documents. Approved
In July 2019, City Council approved a Development Agreement. 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.
In December 2020, the City approved the Funding Agreement. At this time, the City and the developer have found it necessary to amend and restate the Funding Agreement (attached). The purpose of the Funding Agreement is to further define and provide specifics about the responsibilities of the City and the Developer. The Funding Agreement is a balance between guarding the City’s interests and financial stability; the current real estate development marketplace; and the capabilities of the developer.
BACKGROUNDSee attached memorandum.
FINANCIAL SUMMARY/STRATEGIC GOALS
This item consists of multiple funding sources to include future bond sales, TIRZ revenue, and private funding. An exact cost of the redevelopment has not been determined. Approval of this item establishes the City's intent to authorize the issuance of a maximum aggregate par amount of Collin Creek East PID Bonds not exceed $140,000,000; a maximum aggregate par amount of Collin Creek West PID Bonds not exceed $32,000,000; and a maximum aggregate par amount of Collin Creek Garage PID Bonds not exceed $22,000,000 to construct, reimburse or acquire the Public Improvements within each PID.
This item supports the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.