Title
Consider/Discuss/Act on a Resolution Authorizing Consent Agreements Regarding Bond Authority for Two (2) Existing Municipal Utility Districts: Municipal Utility District No. 1 and Municipal Utility District No. 2 - Trinity Falls
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: July 19, 2016
DEPARTMENT: City Manager
CONTACT: Barry Shelton, Assistant City Manager
Michael Quint, Director of Development Services
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
* On June 21, 2016, the City Council tabled this item to allow an opportunity for the full Council to consider this item.
* 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 current Owner and applicant, CH-B Trinity Falls, LP, is in the process of selling the development to Trinity Falls Holdings, LP, a Delaware limited partnership (as Purchaser) and is requesting approval of renegotiated consent agreements that would increase the amount of debt available for issuance by the two (2) MUDs, in the aggregate. A subsequent request by the Owner for City Council approval of the Assignment to the Purchaser of the consent agreements and several related development and park agreements will be brought forward in July/August 2016. If approved, the increased bond authority will allow the Owner to continue to honor its obligations under the governing regulations for land development, continue infrastructure construction, fund public safety, fund parks and schools, but would allow for flexibility to respond to increased construction costs and market forces over the life of the project.
* The documents attached for consideration are:
o The Consent Agreement Amendments embody ter...
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