Agenda No. 2.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | May 7, 2024 |
| Department: | City Secretary |
| Subject: | Resolution 24-R-52 - Authorizing a Cost Sharing Agreement for the Saddlebrook Development.(S.Williams/B.James) |
BACKGROUND
On April 6, 2024 Council approved a Pro-Rata Agreement, a Cost Sharing Agreement, a Roadway Impact Fee Credit Agreement and a subdivision improvement agreement for the Saddlebrook Development. It was subsequently determined that the cost to be reimbursed in the Cost Sharing agreement was actually $194,976.24 and not $109,769.36. Given the increase in reimbursement amount, staff is seeking approval of the cost sharing agreement.
GOAL
Provide for the orderly development of infrastructure within the City of Schertz.
COMMUNITY BENEFIT
Provide for development of infrastructure in a timely, cost-effective manner.
SUMMARY OF RECOMMENDED ACTION
Approval of Resolution 24-R-52 authorizing a cost sharing agreement with the Saddlebrook Development.
FISCAL IMPACT
The Reimbursement Agreement for improvements would be $194,976.24 from City fund balance.
RECOMMENDATION
Approval of Resolution 24-R-52.