Title
Consider/Discuss/Act on Consent Agreement, Development Agreement, Strategic Partnership Agreement and Amended and Restated Park Development and Disbursement Agreement for Two (2) Existing Municipal Utility Districts: Municipal Utility District No. 1 and Municipal Utility District No. 2-Trinity Falls
Summary
MEETING DATE: December 4, 2012
DEPARTMENT: City Manager
CONTACT: Rob Daake, Deputy City Manager
Barry Shelton, Executive Director of Development Services
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
· Approval
ITEM SUMMARY:
· On December 5, 2006 the City of McKinney approved a Consent Ordinance and interrelated agreements with Marlin Atlantis, the former developer of the approximately 1,700 acre property within McKinney’s ETJ known as Trinity Falls, allowing the creation of two Municipal Utility Districts (MUDs).
· The original Trinity Falls development agreement sets out the governing regulations for land development, infrastructure construction, public safety, parks and schools. Since the property is not subject to city zoning ordinances, the Development Agreement acts as a binding land use agreement for all subsequent owners.
· The current applicants, CH-B Trinity Falls, LP, have purchased the property and are requesting approval of renegotiated agreements that would continue to provide the governing regulations for land development, infrastructure construction, public safety, parks and schools, but would allow for an alternate development pattern and flexibility to respond to market forces over the life of the project.
· The documents attached for consideration are:
o The Consent Agreements embody terms of the City’s consent particularly in the areas of debt issuance, debt limits, expenditures and limitations on City annexation. The Consent Agreements authorize $103,000,000 and $94,000,000 in debt for each respective district. The proposed consent agreements require state that no bonds shall be issued more than ...
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