Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute an Agreement to Defer the Construction of Required Improvements (Drainage and Sanitary Sewer Infrastructure) with Wholelife Properties, LLC and Wellstone Living Craig Ranch, LLC, for Lots 1 and 2, Block A, Lots 1-4, Block B, and Lot 1, Block C of the Whole Life at Craig Ranch Addition, Generally Located on the North Side of Collin McKinney Parkway and West of The Esplanade
Summary
COUNCIL GOAL: Direction for Strategic Growth
MEETING DATE: February 7, 2017
DEPARTMENT: Development Services
CONTACT: Brandon Opiela, Development Manager
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Resolution
ITEM SUMMARY:
* This item authorizes the City Manager to enter into an agreement with Wholelife Properties, LLC ("Owner") and Wellstone Living Craig Ranch, LLC ("Developer") to defer the installation of the sewer and drainage improvements required to subdivide the property, within one year from the effective date of the proposed agreement.
* Typically, a facilities agreement to defer the construction of required improvements can be approved administratively, so long as it follows the approved standard template for the City. However, as a two party agreement (Owner and Developer), the proposed deferral agreement does not follow the standard template of the City, thus requiring approval by the City Council.
* As proposed, the agreement would allow the future Developer of a portion of the property to enter into a construction contract for the improvements and provide the funds necessary to secure the obligations of the contract, typically secured by the Owner.
* The Developer has provided an executed construction contract for the installation of the required drainage and sanitary sewer improvements, a cash deposit of $203,359.84 securing the obligations of the construction contract tied to the agreement, and an assignment of the construction contract to the City of McKinney shou...
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