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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 1/24/2022 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Development Agreement for the 10th Street Townhome Project | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve a Development Agreement by and between the City of Plano, Texas and Metropolitan Interests Corporation, a Delaware Corporation authorized to conduct business in Texas, acting as General Partner for a yet to be formed Texas Limited Partnership; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On November 4, 2021, the TIRZ#2 Board of Directors voted unanimously to recommend that Council support the project by providing $223,263 in development support. The funds would aid by funding public infrastructure improvements needed to complete the development. The project is outlined in the attached information. In addition, Exhibit C in the attached development agreement outlines the public infrastructure cost allocations. |
| | | | | | | | BACKGROUND The Vendome neighborhood is located just across Municipal Avenue from DART's Silver Line 12th Street Station. This project would provide eight new single-family townhomes. In addition, this project represents the largest investment into neighborhood since the 1950s. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding is available for this item in the 2021-22 TIF II Fund budget. If approved, the City will contribute $223,263 to fund public infrastructure improvements via this agreement with Metropolitan Interests Corporation.
Approval of this item supports the City’s Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Map | 1/11/2022 | Informational | | Agreement | 1/18/2022 | Agreement |
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