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			(6)(i)
CITY COMMISSION REGULAR MTG
Meeting Date: 10/02/2024   Consider and take action regarding a Development Agreement with Shoppes at Lago Mar SWC, LLC Submitted For: Kim Golden Submitted By: Veronica Carreon, Transportation and Planning Department: Transportation and Planning
Information
ACTION REQUEST
To approve a development agreement with Shoppes at Lago Mar SWC, LLC which sets up a process to allow the recording of a final plat for the Lago Mar Commercial Replat No. 3 and deferral of the construction of the extension of Crystal View Blvd and certain public infrastructure for up to three years.
BACKGROUND (Brief Summary)
The Lago Mar Crystal Lagoon District contains several unrestricted commercial reserves adjacent to the I45 south bound frontage road which have not yet been platted.  Shoppes at Lago Mar SWC, LLC, an affiliate of First Hartford, has been established to develop several sections of the commercial reserves.  First Hartford advises a sale has been negotiated with a branded grocery store which requires the recording of a final plat for the 14.30 acre Lago Mar Commercial Replat No. 3 as a condition for closing of the sale.  The sale has a closing date which is imminent.  For the Lago Mar Commercial Replat No. 3 to obtain a building permit, certain public infrastructure must be constructed, including an extension of the Crystal View Blvd and certain public infrastructure including the extension of water, sewer and storm drainage facilities.  The Texas City Code of Ordinances requires all of the public infrastructure improvements necessary to build upon a lot to be constructed, inspected, tested and accepted before a final plat can be recorded.  Staff adises it is not possible to construct the extension of Crystal View Blvd or the related water, sewer and drainage improvements in time to allow the recording of the final plat before the closing date.  To induce Texas City to record the final plat before the extension of Crystal View Blvd and all related public infrastructure are constructed, inspected, tested and accepted, Shoppes at Lago Mar SWC, LLC has agreed to the terms of the Development Agreement presented for consideration and action by the City Commission. The terms include among other provisions the posting of a completion bond to guarantee the construction of the necessary improvements within three years from the date of recording of the final plat and the delivery of a two-year warranty and maintenance bond to cover the improvements upon completion.  The agreement also provides that under no circumstances is the City of Texas City required to issue a Building Permit of a Certificate of Occupancy until the public improvments required by Texas City ordinances are constructed, inspected, tested and accepted.  If approved, the Development Agreement will apply only to the plat which is identified in the Development Agreement and described in the exhibits attached to it.    The Development Agreement does not change the requirements of the Texas Code of Ordinances as to any other property.
RECOMMENDATION
The construction of a name branded grocery store at the location of the Lago Mar Commercial Replat No. 3 will benefit Texas City and its residents and support the further development of the other commercial areas in the Lago Mar planned unit development.  The terms of the Development Agreement provide for the construction of the necessary public improvements and protect Texas City from any requirement to issue building permits or a certificate of occupancy unless and until the necessary public improvements are constructed, inspected, tested and accepted in accordance with applicable Texas City ordinances.   Staff recommend approval of the Development Agreement.
Fiscal Impact
Attachments Resolution Shoppes at Lago Mar SWC LLC - Development Agreement Shoppes at Lago Mar SWC LLC - Memorandum of Agreement

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