Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Non-Binding Term Sheet with McKinney Ranch, LTD., Honey Creek Investments, LLC, Barcelona 93, Ltd., and MRP HTMHCB, LLC, Governing the Development of Approximately 1,786-acres, which is Generally Located East of FM 1461 (Future Lake Forest Drive) and County Road 166 and South of County Road 168 and FM 543
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1.1: Provide a strong economy by creating a Global Housing Strategy and facilitating a balance between industrial, commercial, residential, and open space)
MEETING DATE: May 19, 2026
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
RECOMMENDED CITY COUNCIL ACTION:
* Approve the proposed resolution authorizing the City Manager to execute the proposed non-binding term sheet.
ITEM SUMMARY:
* Since September 2025, Staff and Republic Property Group, the Developer of the Wildwood master planned community, have been negotiating modified development terms to govern the Subject Property. The Subject Property consists of approximately 1,786-acres commonly referred to as Honey Creek and is subject to Honey Creek Municipal Management District (MMD) No. 1 (the District), which is generally located east of FM 1461 (Future Lake Forest Drive) and County Road 166 and south of County Road 168 and FM 543. The proposed non-binding term sheet is meant to serve as a foundation from which a third amendment to the Honey Creek Annexation and Development Agreement.
* The proposed term sheet generally addresses the following topics:
o The City is now responsible for constructing Project 2 (lanes 3 and 4 of Laud Howell Parkway) using $15M in funding from the North Central Texas Council of Governments (NCTCOG) by December 31, 2028. In order to realize the full $15M grant amount, a 20% local match ($3M) will be required from the City.
o The District is formally allowed to pha...
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