Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Non-Binding Conceptual Term Sheet with McKinney Ranch, Ltd. and Honey Creek Investments, LLC Governing the Construction of Portions of Laud Howell Parkway
Summary
COUNCIL GOAL: Strategic and Economic Development
MEETING DATE: April 17, 2018
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
Gary Graham, PE, PTOE, Director of Engineering
Mark Houser, City Attorney
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the proposed resolution.
ITEM SUMMARY:
* Staff is proposing a resolution that would authorize the City Manager to execute a non-binding conceptual term sheet with McKinney Ranch, Ltd. and Honey Creek Investments, LLC ("Owners") governing the construction of Laud Howell Parkway from its current terminus just west of US Highway 75 (Central Expressway/Sam Johnson Highway) to the intersection with Future Hardin Boulevard.
* Staff began negotiating the terms of a Chapter 380 Economic Development Agreement with the Owners in the winter of 2015. In the spring of 2017, the City Council agreed to general terms with the Owners regarding the construction of Laud Howell Parkway from its current terminus to Lake Forest Drive. However, in the winter of 2017, after the enacting of Texas Senate Bill 6, the City Council directed Staff to negotiate new terms that saw the reduction in the scope of construction.
* Staff has negotiated conceptual terms and is seeking the City Council's approval via a resolution. Once approved by the City Council, Staff will begin work on the detailed language to be contained in the Chapter 380 Agreement. Once completed, Staff will bring this agreement forward for the City Council's consideration and approval.
* The conceptual terms generally include the following:
o The City will design, bid and construct Laud Howell Parkway;
o The City shall reimburse McKinney Ranch, ...
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