Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Enter into an Interlocal Agreement with McKinney Municipal Utility District No. 1 of Collin County for Funding the Construction of Trinity Falls Parkway from Laud Howell Parkway to FM 543
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
(1A: Establish regional and infrastructure incentives to increase economic growth)
MEETING DATE: November 19, 2018
DEPARTMENT: Development Services / Engineering
CONTACT: Nick Ataie, P.E., Engineering CIP Manager
Gary Graham, P.E., Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
*? Approval of the Resolution.
ITEM SUMMARY:
*? This Resolution authorizes the City Manager to enter into an Interlocal Agreement with McKinney Municipal Utility District No. 1 of Collin County to provide funding for the construction of Trinity Falls Parkway as a 4-lane divided roadway from Laud Howell Parkway to FM 543.
BACKGROUND INFORMATION:
* Trinity Falls Holdings LP ("Trinity Falls"), an entity controlled by The Johnson Development Corp., is the assignee and successor-in-interest to CH-B Trinity Falls, LP, and is developing property pursuant to the 2012 Development Agreement, as currently amended, between CH-B Trinity Falls, LP and the City with the original effective date of December 4, 2012 ("Development Agreement").
* Per the development agreement, Trinity Falls is required to construct two lanes of the north-south segment of FM 543 (a designated 6-lane arterial), which roadway segment is now named Trinity Falls Parkway a distance of approximately 5,600 linear feet as provided in "Exhibit A" of the partially executed interlocal agreement (ILA).
* The City has exercised its right per the development agreement to increase this 5,600 linear foot section of Trinity Falls from a two-lane roadway to a four-lane divided roadway by participating in the costs thereof in the amount of $3,600,000 and will be paid in accordance with Secti...
Click here for full text