In May 2018, the City of Schertz Economic Development Corporation ("SEDC") approved an Economic Development Performance Agreement (the "Agreement") with Schertz 312 LLC ("Schertz 312").  Under the Agreement, Schertz 312 agreed to construct infrastructure improvements necessary for a future million square foot user.  In consideration, the SEDC agreed to provide up to $4 million for the actual costs associated with the infrastructure.  Since that time, the SEDC, approved by council, has provided four amendments.  Amendments in February 2019, July 2019, April 2020, and August 2020 have all made substantive changes to the requirements to this agreement. 

The substantive change to the agreement request deals with the requirement of the development reserving the northernmost property in the development for a 1 million square foot user.  They are requesting for the requirement for reserving the unit as well as the requirement for a 1 million square foot user and allowing for the aggregate of the development to be 1 million square total.  They are asking that their restrictive covenants be filed to reflect this as well as the maintaining of the Capital Recovery fees for the development.  The SEDC board contemplated the request for the capital recovery fee.

Titan has a large presence in the city already.  They have an attractive development that provides us with numerous jobs as well as property taxes.  The roadway that was provided as part of this Phase I is a good looking roadway with sidewalks, curb and gutter and has held up very nicely in spite of not being used extensively.

This allowance for the amendment will allow the developer to continue planning and constructing the development.

On August 24, 2023, the SEDC Board of Directors will vote unanimously to approve the SEDC Resolution No. 2023-7 - authorizing the Fifth Amendment to the Development Performance Agreement with Schertz 312 LLC.