Title
Consider/Discuss/Act on the First Modification to the Second Amended and Restated Development Agreement Between the City of McKinney and D.R. Horton - Texas, LTD., Blue Star Coit 32, LLC and 206 McKinney, LLC
Summary
MEETING DATE: May 20, 2014
DEPARTMENT: Development Services
CONTACT: Michael Quint, Director of Planning
Mark Hines, PE, Director of Engineering
Barry Shelton, AICP, Interim Deputy City Manager
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
· Approve the proposed Modification to the Second Amended and Restated Development Agreement governing the Custer West development.
ITEM SUMMARY:
· D.R. Horton - Texas, LTD., Blue Star Coit 32, LLC and 206 McKinney, LLC ("The Applicant") has requested that the City of McKinney execute a modification to the existing amended development agreement which will allow it to construct up to 200 single-family residential structures concurrent with their work towards completion of key roadway construction in the area known as Westridge, including the construction of some additional components of roadways/infrastructure not contained in the current agreement.
· Specifically, the proposed modification requires the applicant to forego the construction of up to 200 single-family residential structures in the area generally located north of Virginia Parkway and east of Coit Road. The referenced 200 residential structures are currently allowed per the existing agreement. However, the proposed modification will allow the construction of up to 200 single family residential units in the areas generally located south of Virginia Parkway and west of Independence Parkway while construction on portions of Virginia Parkway and Independence Parkway are concurrently underway. No more than 200 permits may be issued until the specified portions of Virginia Parkway and Independence Parkway are completed and accepted by the City. Also, these specified portions of roadway must be completed by no later than September 30, 2014. Lastly, remaining portions of Virginia Parkway, Independence Parkway, and new portions Coit Road (including the intersection of Coit/Virginia Parkway) must be completed by April 1, 2015. Staff has analyzed any significant, adverse impacts on traffic in the area, and it does not foresee any issues. Failure to complete the roadway/infrastructure will result in the loss of impact fee credits as well as the continued development of residential lots.
· The allowable 200 single-family residential permits may be issued in the following areas:
o Valor Point at Westridge Phase 12 - 93 lots
o Reserve at Westridge Phase 6 - 88 lots
o Reserve at Westridge Phase 7 (upon acceptance) - up to 19 lots
· The portions of roadway that must be completed by 09/30/2014 are:
o Virginia Parkway Phase 2
o Virginia Parkway Phase 5A
o Independence Parkway Phase 5A
o Independence Parkway Phase 5B
· The portions of roadway that must be completed by 04/01/2015 are:
o Virginia Parkway Phase 5B
o Independence Parkway Phase 5C
o Coit Road Phase 2 (new component)
o Coit Road Phase 3 (new component)
BACKGROUND INFORMATION:
· The existing development agreement requires that portions of Virginia Parkway and Independence Parkway adjacent to areas of development be completed on or before March 31, 2014. The applicant has indicated that it was unable to meet the current deadline because of delays in roadway construction as a result of franchise utility (AT&T and ATMOS) conflicts that were only recently resolved.
· The existing development agreement has been attached for reference purposes.
FINANCIAL SUMMARY:
· N/A
BOARD OR COMMISSION RECOMMENDATION:
· N/A