Consider approval of a Resolution consenting to the annexation of 70.03 acres of land into Galveston County Municipal Utility District No. 59 (Lago Mar).

Land Tejas (Lago Mar) has been utilizing the benefits of Municipal Utility Districts beginning with their initial project.  And Land Tejas will continue using MUDs to help fund the needed project infrastructure such as water, sewer, and drainage (and other eligible infrastructure) to help complete this long-term development.

There is a 70 acre tract of undeveloped land located at the very southwest corner of Lago Mar that was not included in the original approvals for Lago Mar; nor was this 70 acres included in any of the Utility Districts as those entities were being created.  However, this tract is fully within the city limits of Texas City.  Land Tejas, through a land acquisition and banking partner known as CBA Strategic Fund I, LP, has acquired this 70 acre parcel and  Land Tejas can effectively blend this land into their development plan.

CBA Strategic Fund, on behalf of Land Tejas, is requesting the City consent to GCMUD No. 59 annexing this 70.03 acre tract into the Utility District's jurisdiction.