Title
Consider/Discuss/Act on the Second Amended and Restated Development Agreement with Blue Star Coit 32, LLC, 206 McKinney, LLC and D.R. Horton-Texas, Ltd., as Transferees of Custer West Partners, L.P., regarding approximately 238.92 Acres, Located Generally on the Southeast Corner of U.S. Highway 380 (University Drive) and Coit Road.
Summary
MEETING DATE: October 18, 2011
DEPARTMENT: Development Services
CONTACT: Mark Houser, City Attorney
Rob Daake, Executive Director of Development Services
Jennifer Cox, AICP, Director of Planning
Brandon Opiela, Senior Planner
RECOMMENDED CITY COUNCIL ACTION:
• Staff recommends approval of the Second Amended and Restated Development Agreement.
• This item was previously tabled indefinitely at the February 15, 2011 City Council meeting to allow the applicant additional time to obtain all of the required signatures of the proposed agreement. The agreement is fully executed
ITEM SUMMARY:
• The proposed Second Amended and Restated Development Agreement is being considered concurrently by the City Council with an associated zoning request (10-064Z2) and a petition for annexation (10-063A9) of the subject property located within the City of McKinney’s Extraterritorial Jurisdiction (ETJ).
• Subsequent to the approval of the proposed agreement, the subject property would become incorporated into the bifurcated portion of the Master General Development Agreement of the original Stonebridge Ranch Agreement covering the Westridge (or Custer West) area.
• This agreement already provides for many improvements for infrastructure and land dedications. Additional provisions have been negotiated to address future infrastructure and quality of life needs related to the project.
• The proposed agreement modifies the 2005 First Amended and Restated Development Agreement to incorporate additional territory, modify the impact fee credits, and provide updated exhibits for infrastructure obligations along with specific timing for construction of said infrastructure.
• The proposed amendment is intended to deal with the provision of services and mitigate anticipated possible costs to the City associated with the proposed annexation. Upon development of the property, public improvements, including but not limited to, roadway facilities (Exhibit A-2 and D, and further supplemented by Exhibits E, F, G and H) and water/wastewater facilities (Exhibits A-3, A-4, and D and further supplemented by Exhibits E, F, G and H) will be required to be provided by the owners which are covered in greater detail within the agreement (this includes both on-site and off-site improvements necessary to serve the property). Other items such as park land dedication and pro rata reimbursements are also included within the agreement.
• Timing for the construction of Coit Road, including at the Retail/Commercial corner, extension of a looped water line and a sewer line to serve the entire subject property, the completion of Virginia Parkway from Custer to Independence Parkway (and including the intersection) to Coit, the completion of several collector roads, and the dedication of a 15 acre neighborhood park are all meaningful provisions negotiated above and beyond the normal standard to ensure the subject property is a positive addition to the City of McKinney, both today and through build out. Certain Planning Areas may not develop prior to the completion of identified segments of infrastructure. These provisions are intended to accelerate the construction of major transportation arteries to allow for better mobility to residents while at the same time not overburden the existing roadway infrastructure. The Agreement provides for the reduction of impact credits upon the occurrence of default by the Developers in the timing of completion of the construction.
• The Agreement has a 1-year requirement on completion of the infrastructure serving the first 100 lot phase and a 3-year requirement on the construction of the majority of the other large infrastructure components. [If approved, the commencement date will be changed from September 30, 2011 to October 31, 2011.]
• The included additional Developer obligations would not be possible if the subject property were not to become a part of the Master General Development Plan. Under standard development regulations, many of the Developer obligations would become the responsibility of the City of McKinney, rather than those of the Developer under a Master General Development Agreement.
BACKGROUND INFORMATION:
• The associated rezoning request (10-064Z2) for the subject property proposes a mixture of single family residential (approximately 142 acres), retail (approximately 49 acres), elementary school (approximately 13 acres), park (approximately 16 acres), and open space uses (approximately 19 acres).