O-2006-2963 - Laserfiche WebLink

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Agenda Date Requested: Dec EST FOR CITY COUNCIL AGENDA ITEM r 11 2006 Appropriation Requested By: Source of Funds: Department: Account Number: Report: Resolution: Ordinance: x Amount Budgeted: Exhibits: Resolution 2006-15 Rstahlishin~ the PID without Rxhibits Amount Requested: N/A Exhibits: Ordinance Approving Agreement Budgeted Item: YES NO Exhibits: Proposed PID Development A~reement SUMMARY & RECOMMENDATION On June 12,2006 City Council approved Resolution 2006-15 establishing City of La Porte Public Improvement District #1 (PID). Council is now requested to consider and approve a Development Agreement between the City and 65 La Porte, LTD. The agreement provides for construction of certain improvements within the PID, provides for advance funding by the developer and provides for the PID assessment to be collected for repayment of Developer advances for the improvements listed in Exhibit B. The action is necessary for the developer of Lakes @ Fairmont Green to secure "final" approval of his financing and move forward with construction. Note: Even though the PID was created on June 12 and Council will consider the agreement we will need to return to Council in the future with an amendment to the creation of the PID. The amendment is necessary for two reasons. 1. There was a mistake in the creation documents. The PID as created is not contiguous and state law requires it to be one contiguous area. 2. The PID needs to include Taylor Bayou from SH146 to McCabe Road, as a result of both City Council and TIRZ/Redevelopment Authority approving, in concept, the design and construction of enhancements along this stretch of Taylor Bayou. Action Required bv Council: Approval of Ordinance authorizing (PID) Development Agreement between City of La Porte and 65 La Porte, LTD. nterim City Manager P?' , I Date