02-10-14 Regular Meeting of La Porte City Council

Browse Search

REQUEST FOR CITY COUNCILAGENDA ITEM Budget Agenda Date Requested: February 10,2014 Source of Funds: Requested By: Scott D. Livingston Account Number: Department: Administration/Economic Development Amount Budgeted: Report: Resolution: Ordinance: Amount Requested: Exhibit: Letter to the City Council Budgeted Item:YES NO Exhibit: Proposed TIRZ Development Agreement SUMMARY & RECOMMENDATIONS \[NOTE: This item originally appeared on the December 9, 2013 agenda for Council consideration. At that time, all items related to this development were postponed until the January 27, 2014 meeting. The developer has requested that all items related to this development be postponed until the February 10, 2014 meeting.\] Beazer Homes wishes to annex approximately 32 acres on the northwest corner of Sens Road and Spencer Hwy into TIRZ No. 1 and rezone approximately 17 acres of land in the same area from General Commercial (GC) to Low Density Residential (R-1). Beazer requests that the City Council consider approving the annexation of the 33 acre tract of land on the northwest corner of Sens Road and Spencer Hwy into TIRZ No. 1 to make the proposed residential development economically feasible to develop. On the 17 acres of land which are requested to be rezoned, Beazer Homes proposes to build approximately 73 single family homes. The plans Beazerwill offer have a base average size of 2,025 square feet, but their business model is to sell structural options which Beazerbelieves will increase the square footage of the homes to an average size of 2,200 square feet. Beazer Homes has enclosed information showing the average sales price per square foot for existing and new, competing residential developments as compared to the average, projected sales price per square foot for each proposed Beazer Home. Beazer also provides information which shows how competing residential developers sell homes in this area at a higher price than the same homes in other communities around Houston. Beazer Homes has agreed to enter into a four-way development agreement among the following entities: Beazer Homes Texas LP, the La Porte Redevelopment Authority, Reinvestment Zone Number One, and City of La Porte. In order to address the concerns of the residents of Spencer Landing regarding the square footage and appearance of the Beazer product, Beazer has agreed to some restrictionswithin the TIRZDevelopment Agreement (enclosed) that would require: (1) 100% masonry on the front first floor elevationwith 50% along the sides, (2)the investment of approximately $2,097,297in public improvements, and (3) that the cumulative, average sales price (documented at the time Developer sells a finished home to an initial end- user) of all homes within the Project Site is not less than $175,000.