Title
Consider/Discuss/Act on the Second 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 19, 2015
DEPARTMENT: Development Services
CONTACT: Michael Quint, Director of Planning
Matt Robinson, AICP, Planning Manager
Mark Hines, PE, Director of Engineering
Barry Shelton, AICP, Assistant City Manager
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
· Approve the proposed Second Modification to the Second Amended and Restated Development Agreement governing the Custer West development (the "Amendment").
ITEM SUMMARY:
· D.R. Horton - Texas, LTD., Blue Star Coit 32, LLC and 206 McKinney, LLC (the "Developer") has requested that the City of McKinney execute a modification to the existing amended development agreement (the "Agreement") which will extend the timeline for completion of the construction of the remaining roadway/infrastructure in the Agreement, allow the release of certain lots for record platting and to allow the developer to obtain development permits (no record plat or building permits) for specified subdivision phases concurrent with their work towards completion of key roadway construction, primarily the intersection of Coit and Virginia Parkway, in the area known as Westridge.
· Specifically, the proposed Second Modification stipulates the following:
o Release (eligible for record plat filing) of the following lots upon approval and filing of the proposed Second Modification (as depicted on Attached Lot Exhibit):
§ 319 lots in the areas shaded bright yellow (Highlands Ph. 1, Reserve Ph. 19 and Reserve Ph. 9)
§ 90 lots in the areas shaded orange (Valor Pointe Ph. 16)
§ Up to 152 lots (previously released) in the areas shaded in gray (Fossil Creek Ph. 1, Reserve Ph. 1a, Reserve Ph. 7, Valor Pointe Ph. 10, 11, 12, 14)
o Release (eligible for record plat filing) of lots as adjacent sections of Independence Parkway are constructed (as depicted on Attached Lot Exhibit):
§ 162 lots in the areas shaded in bright pink (Fossil Creek Ph. 3)
§ 78 lots in the areas shaded in bright pink (Fossil Creek Ph. 4)
o Release of development permits only (no record plats or building permits) for the following phases/lots until Virginia Parkway, Coit Road and intersection are completed (as depicted on Attached Lot Exhibit):
§ 59 lots in the hatched portion of areas shaded green (Valor Pointe Ph. 16);
§ 80 lots in the hatched portion of areas shaded green (Reserve Ph. 23);
§ 532 lots in the hatched areas shaded green (Highlands Ph. 2-6);
§ Up to 31 lots in the hatched areas shaded green within Highlands Ph. 7)
o The required portions of roadway listed below must be open to traffic by no later than March 31, 2016 and accepted by the City no later than May 31, 2016:
§ Virginia Parkway Phase 5B
§ Independence Parkway Phase 5C
§ Coit Road Phase 2
§ Coit Road Phase 3
o No Development for the lots listed below until Virginia Parkway/Coit Roads and Intersection are completed (as depicted on Attached Lot Exhibit):
§ Commercial/Retail Sites areas shaded green;
§ Reserve MF areas shaded green;
§ 451 lots in the areas shaded green (Highlands Ph.8-11);
§ Remaining 80 lots in area shaded green within Highlands Ph. 7
o Installation of full traffic signalization of Coit/Virginia Parkway intersection at Developer's expense on or before May 31, 2016
· Staff has analyzed any significant, adverse impacts on traffic in the area, and it does not foresee any issues under the lot release methodology in the Amendment. Failure to timely complete the roadway/infrastructure will result in the loss of impact fee credits as well as the continued development of residential lots.
BACKGROUND INFORMATION:
· The existing Agreement requires that portions of Virginia Parkway, Independence Parkway and Coit Road adjacent to areas of development be completed on or before April 1, 2015. The Developer 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 CoServ) conflicts that were only recently resolved. Staff has conducted several meetings, with AT&T and CoServ present, to analyze and verify the basis for the delay and to formulate a reasonable recommendation for addressing traffic needs over the next year while allowing the Developer to continue with reduced development consistent with the construction schedule proposed in the Amendment.
· The existing Agreement has been attached for reference purposes.
FINANCIAL SUMMARY:
· N/A
BOARD OR COMMISSION RECOMMENDATION:
· N/A