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 t...
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