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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 8/28/2023 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Development Agreement and Parks Agreement for the Haggard West Development Project | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve a Development Agreement by and among Haggard Enterprises Limited, LTD, a Texas limited partnership and Acres of Sunshine, LTD, a Texas limited partnership and SW Haggard Master Developer, LLC, a Texas limited liability company, and the City of Plano, Texas, a home-rule city and municipal corporation, for the Haggard Farm (West) Project; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION The Project’s zoning was approved by Council in December 2021. The zoning (PD-51) allows for a mix of uses. On January 9, 2023, City Council adopted Resolution 2023-1-7(R), authorizing, establishing, and creating the Haggard Farms Public Improvement District. PD-51 and the Haggard Farm Public Improvement District encompass the same area. |
| | | | | | | | BACKGROUND The need for a Development Agreement (see attached) for the Haggard Farm West Project (Project) is driven by two actions:
(1) the formation of a public improvement district as petitioned by the owner; and
(2) the City’s Subdivision Ordinance that requires the City to fund certain public improvements.
The cost of the City’s obligations under the Subdivision Ordinance require an estimated $6,630,623 in funding for public improvements. The Development Agreement anticipates that the Developer will construct both the PID and City public improvements as allowed by State statute.
This Development Agreement balances the relationship between developing the property and ensuring the City’s interests are protected. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS
Funding is available in the Street Improvements and Municipal Drainage CIP Funds for the Haggard West Development project. Per the Agreements between the City of Plano and Stillwater Capital Investments, LLC (Developer), the developer agrees to pay for professional/consulting services as stated in the Professional Services Reimbursement Agreement. In addition, the City of Plano will provide funding in the amount of $6,630,623 for Subdivision Improvements.
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 | | Agreement | 8/23/2023 | Agreement | | Exhibits | 8/23/2023 | Exhibit |
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