Consider and take action on a Resolution no. 16-070, authorizing the Mayor to execute a Development Agreement between the City and SSLT, LLC (Sprint Sand). (Planning)

On September 7th, City Commission approved a development plan for 65 acres of residential development, yielding approximately 240 lots, and approximately 50 acres of sand and earth mining, located on SH 3 across from S. Humble Camp Road.  The development plan is being followed-up with a Development Agreement that stipulates obligations on behalf of the City, and obligations on behalf of the Developer.

The City is required to do the following:
Issue a permit, in two phases, for the mining of sand and earth materials
Consent to the annexation of this property into Galveston County Municipal Utility District No. 31
Restrict oil and gas drilling within 600 feet of the property
Reserve sufficient utility capacity to serve the 240 lot residential development.

The Developer is required to do the following:
Initiate residential development within 12 months.
Construct Central Park Blvd. from SH 3 to the western boundary of the property.
Provide the City with a Letter of Credit equal to the construction cost of the first phase of Central Park Blvd (estimated at $490,000)
Create a property-owners association responsible for maintaining common areas and other development amenities
Finish-out the amenity lake and give the land and lake to the property owners association.
Install "dry utilities" underground.
Ensure that average home values exceed $225,000
Create and enforce deed restrictions.

Approving a development plan along with this Development Agreement puts in place assurances that this will be a high-quality residential development utilizing the finished sand pit / lake as an amenity for the homeowners.