(8)(d)
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 08/16/2023
- Title:
- Consider and take action on the Developer's Reimbursement Agreement with Mintos Communities - USA
- Submitted For:
- Jenny Monroe
- Submitted By:
- Jenny Monroe, Transportation and Planning
- Department:
- Transportation and Planning
Information
ACTION REQUEST
Consider and take action on the Developer's Reimbursement Agreement with Mintos Communities - USA
BACKGROUND (Brief Summary)
Mintos Communities - USA, a Florida corporation, will present to the City of Texas City, Texas, details of a proposed development within the approximately 1,300 acres of land ("Property") owned or to be owned by an affiliate of a Developer within the corporate limits of the City. The proposed development plans may include the formation of one or more special districts, including a Tax Increment Reinvestment Zone.
The City wishes to perform due diligence and obtain consulting and legal services to evaluate the proposed development and special districts. In accordance with the City's Policy for the Use of Special Districts, the Developer has agreed to reimburse the cost to the City of the consulting and legal services necessary to review and evaluate the feasibility of the proposed development and provided a deposit of $25,000.00.
The City wishes to perform due diligence and obtain consulting and legal services to evaluate the proposed development and special districts. In accordance with the City's Policy for the Use of Special Districts, the Developer has agreed to reimburse the cost to the City of the consulting and legal services necessary to review and evaluate the feasibility of the proposed development and provided a deposit of $25,000.00.
RECOMMENDATION
Staff recommends approval of the Mintos Communities - USA Developers Reimbursement Agreement.