SUBJECT:
Consideration and Action regarding a Deposit and Reimbursement Agreement by and between the City of Saginaw and Saginaw Beltmill, LLC, providing for the funding of certain City anticipated and incurred professional services associated with all matters related to the contemplated Beltmill Public Improvement District on property consisting of approximately 115.432 acres and described as a tract of land in the Heirs of Benjamin Thomas Survey, Abstract Number 1497, City of Saginaw, Tarrant County, Texas; and authorizing Mayor to execute the same
BACKGROUND/DISCUSSION:
The proposed Deposit and Reimbursement Agreement between the City and Saginaw Beltmill, LLC addresses the funding of City anticipated and incurred professional services associated with all matters related to the proposed Beltmill Public Improvement District. The agreement provides that Saginaw Beltmill, LLC will be responsible for the funding.
FINANCIAL IMPACT:
The proposed agreement provides for the funding of professional services associated with the proposed Beltmill Public Improvement District by Saginaw Beltmill, LLC.
RECOMMENDATION:
Staff recommends approval of the Deposit and Reimbursement Agreement as presented. |