Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Term Sheet with McKinney Ranch, LTD. Governing the Development of Property to be Located Within the Honey Creek Improvement District No. 1
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
(1A: Establish regional infrastructure incentives to increase economic growth)
MEETING DATE: May 16, 2023
DEPARTMENT: Development Services
CONTACT: Michael Quint, Executive Director of Development Services
Kim Flom, Assistant City Manager
Mark Houser, City Attorney
ITEM SUMMARY:
* Staff is proposing a resolution which, if approved by the City Council, will authorize the City Manager to execute the proposed term sheet. This proposed term sheet will serve as the framework from which a development agreement will be negotiated and drafted.
* Republic Property Group presented the concept of a Municipal Management District (MMD) to the City Council at the December 6, 2022, work session. At that time, several City Council members expressed preliminary support for exploring the creation of a special district.
* On December 20, 2022, Republic Property Group (RPG), the representative for the owner of the Honey Creek property, which is approximately 1,648 acres located within the city's northwest sector (west of US Highway 75 and north of US Highway 380), gained the City Council's approval of a resolution formally consenting to the creation of a MMD (the "District") subject to specific conditions being satisfied.
* Since that time, Staff has been working closely with RPG to create a list of mutually agreeable, non-binding terms. If the proposed resolution is approved by the City Council, the City Manager will execute the term sheet and Staff, in coordination with the City Attorney, will negotiate the development agreement which will govern the ultimate use and development of the property.
* The proposed terms include, but are not limited to the following:
o The prop...
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