Body
Department of Development
Reference: Third Amendment to the Comprehensive Agreement with Prairie Center
To: Mayor Richard N. McLean and Members of City Council
Through: Manuel Esquibel, City Manager
Prepared By: Marv Falconburg, Assistant City Manager of Development
Date Prepared: May 12, 2015
OVERVIEW
Attached, for your consideration is an Ordinance amending the Comprehensive Funding Plan for Prairie Center. The original Comprehensive Funding Plan, Master Development Agreement, Pre-Annexation Agreement, and Intergovernmental Agreement was approved in December of 2005. Two amendments have taken place since the original adoption to address specific issues that have arisen.
The Comprehensive Agreement provides for, among other things, the establishment of a Cap Amount for the Primary Public Improvements for the Unincorporated Property and the incorporation of an overall adjusted Cap Amount for the Primary Public Improvements for the Project in connection with the Unincorporated Property to the City through an amendment to the Comprehensive Agreement. Prairie Center has built approximately $100,000,000 in infrastructure at this time. "Primary Public Improvements" as specified in the Comprehensive Agreement consist of the following categories:
* Major and minor arterial streets, together with associated landscaping and trails
* Collector streets, together with associated landscaping and trails
* Traffic signals
* Certain potable and non-potable water distribution and transmission lines
* Certain sanitary sewer collection lines
* Regional drainage detention facilities
* Capital facilities, regional parks, extraordinary additions to landscaping, community parks, neighborhood parks, trails and open space
Summarized below are highlights of the provisions in the Third Amendment:
The City and the Developer have determined that the development of residential housing in Prairie Center will help create a catalyst that will benefit reta...
Click here for full text