Title
Consider/Discuss/Act on Assignments of Municipal Utility District 1's Creation and Operation and Municipal Utility District 2's Creation and Operation, the Development Agreement, and the Park Development and Disbursement Agreement from CH-B Trinity Falls, L.P. to Trinity Falls Holdings, L.P.
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: November 1, 2016
DEPARTMENT: Development Services Division
CONTACT: Michael Quint, Executive Director of Development Services
Barry Shelton, AICP, Assistant City Manager
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the proposed assignments.
ITEM SUMMARY:
* Staff recommends that the City Council approve the following proposed items:
o Assignment of rights and responsibilities of Municipal Utility District (MUD) 1 from CH-B Trinity Falls, L.P. to Trinity Falls Holdings, L.P.
o Assignment of rights and responsibilities of Municipal Utility District (MUD) 2 from CH-B Trinity Falls, L.P. to Trinity Falls Holdings, L.P.
o Assignment of rights and responsibilities of the Development Agreement, as amended, from CH-B Trinity Falls, L.P. to Trinity Falls Holdings, L.P.
o Assignment of rights and responsibilities of the Park Development and Disbursement Agreement, as amended, from CH-B Trinity Falls, L.P. to Trinity Falls Holdings, L.P.
* Trinity Falls was recently sold by Castle Hills Partners (CH-B Trinity Falls, L.P.) to Johnson Development (Trinity Falls Holdings, L.P.). In accordance with the government development agreement, if the development's ownership is changed, obligations and rights granted under the development agreement may be assigned to the new ownership entity with the City of McKinney's consent. If approved by the City Council, the four assignment documents that are being proposed will officially transfer the rights and responsibilities to Johnson Development.
BACKGROUND INFORMATION:
* Trinity Falls is a Munici...
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