Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Term Sheet with One Longhorn Corporation and North Texas Natural Select Materials, Governing the Annexation, Zoning, and Development of Approximately 141 Acres of Land Generally Located at the Northeast Corner of U.S. Highway 75 and Spur 195
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space)
MEETING DATE: July 1, 2025
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
* Approve the proposed resolution.
ITEM SUMMARY:
* Staff is recommending that the City Council approve a resolution allowing the City Manager to execute a term sheet governing the annexation, zoning, and development of approximately 141 acres of land generally located at the northeast corner of U.S. Highway 75 and Spur 195.
* Staff was approached by the owners of the subject property, One Longhorn Corporation and North Texas Natural Select Materials, seeking to enter a partnership with the City to see their property annexed into the city limits.
* The proposed term sheet outlines a framework that will be used to draft a comprehensive agreement governing the annexation, zoning, and development of the subject property.
* The term sheet generally allows a maximum of 900 multi-family residential units and a minimum of 25 acres of light industrial uses on the subject property. It also states that no residential uses will be allowed within areas that are zoned or used for non-residential purposes. Lastly, it outlines a parkland fee in lieu of land dedication at a rate of 1 acre per 37 units and a park development fee in the amount of $1,600 per unit.
* The subject property is currently subject to two annexation agreements, which authorize the city to anne...
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