BACKGROUND/DISCUSSION:
On June 18, 2019, City Council authorized a Chapter 380 Economic Development Agreement with AM&JK Development, LLC. The agreement allowed for the repayment of expenses, up to one million dollars on a dollar for dollar basis related to the construction of certain infrastructure improvements within The Square development and within the right-of-way of Bus.-287.
On November 19, 2019, City Council authorized an amendment to the agreement allowing the City to enter into agreements with the City of Fort Worth and the Texas Department of Transportation to facilitate certain infrastructure projects related to the development. The cost associated with these agreements would reduce the total allowable reimbursements by the City on a dollar for dollar basis.
The proposed second amendment will require that all expenses related to the infrastructure improvements within TxDOT right-of-way be accepted by TxDOT and paid for through the use of reimbursement funds prior to any other reimbursements being eligible on a dollar for dollar basis. The expenses will include those identified in TxDOT’s Local On-System Improvement Project Agreement (LOSA) and the costs of a third party inspection firm hired by the developer.
FINANCIAL IMPACT:
N.A.
RECOMMENDATION:
Staff recommends approval of Amendment No. 2 to the Chapter 380 Economic Development Agreement with AM & JK Development, LLC (The Square)