SUBJECT:
Consideration and Action regarding a Development Agreement with Provident Realty Advisors, Inc., governing development criteria for property consisting of approximately 78.724 acres and described as a tract of land situated in the J. WALKER SURVEY, ABSTRACT NO. 1602 and the J.A. BRADFORD SURVEY, ABSTRACT NO. 183, City of Saginaw, Tarrant County, Texas (Property) and providing for financing arrangements, in accordance with the procedures and requirements of Chapter 372, Texas Local Government Code, as amended, and the Development Agreement, to fund Public Improvement District (PID) Project Costs using (a) the proceeds of PID Bonds; (b) installment payments from Assessments within the Property, provided that such use of Assessments shall be subordinate to the payment of PID Bonds and Administrative Expenses; or (c) other lawfully available funds within the Western Center Public Improvement District; and authorizing the Mayor to execute the same
BACKGROUND/DISCUSSION:
This item is for consideration of the Development Agreement with Provident Realty Advisors, Inc. (Western Center PID). The proposed agreement is attached. It has been sent to Provident for their comments. Their response had not been received at the time the packet was posted. The major deal points discussed at previous meetings are included, but there may be minor edits from Provident that will need to be made.
FINANCIAL IMPACT:
See Agreement.
RECOMMENDATION:
N/A |