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 ...
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