BACKGROUND/DISCUSSION:
On January 19, 2021, City Council approved the final plat for UCD Saginaw Addition, Lots 1-2, Block A subject to the execution of an Escrow Agreement for the construction of a median opening and turn lanes in FM-156 currently under construction by the Texas Department of Transportation (TxDOT). The agreement requires that the developer fund, through a cash escrow with the City, the City’s share of the project that will be identified in a future agreement with TxDOT.
The agreement includes the estimated cost of construction that will be funded at the time of the agreements execution. The developer will be required to fund any additional costs identified by TxDOT and be responsible for any cost overruns related to the project.
FINANCIAL IMPACT:
N.A.
RECOMMENDATION:
It is recommended that the Escrow Agreement for UCD Saginaw Addition, Lots 1-2, Block A be authorized.