Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Development Agreement for the Platting and Conveyance of Certain Land together with an Escrow Deposit and Chapter 380 Grant for the Rehabilitation of a Dam Structure with McKinney SH II, Ltd. and Raytheon Company
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: December 5, 2023
DEPARTMENT: City Manager
Development Services
CONTACT: Paul G. Grimes, City Manager
Michael Quint, Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution
ITEM SUMMARY:
* This Resolution authorizes the City Manager to execute a Development Agreement that sets out the process to allow an existing dam structure that has been designated as a "high-hazard" dam structure by the Texas Commission on Environmental Quality to be placed under common ownership and facilitate the rehabilitation of the dam structure and detention pond.
* The Development Agreement requires McKinney SH II, Ltd., to plat the portion of the dam structure and detention pond it owns into a single lot with certain specified easements, convey the lot to Raytheon Company, and pay One Million One Hundred Thousand Dollars ($1,100,000) into escrow to offset a portion of the costs that will be incurred by Raytheon Company to rehabilitate the dam structure.
* The Development Agreement requires Raytheon Company to replat the lot conveyed to it by McKinney SH II, Ltd. into a new lot comprised of a portion of the dam structure and detention pond owned by Raytheon Company, cause the dam structure to be rehabilitated in accordance with the City's Ordinances, and thereafter maintain the rehabilitated dam structure.
* The Development Agreement requires Raytheon Company to rehabilitate the high hazard dam structure and detention pond within 42 months at Raytheon Company's cost using the funds supplied by McKinney SH II, Ltd., together with a Chapter 380 Grant in the amount of One Million Forty-...
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