Agenda No. 3.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | October 25, 2022 |
| Department: | City Secretary |
| Subject: | Resolution No. 22-R-114 - A Resolution by the City Council of the City of Schertz, Texas authorizing a Funding Agreement between the City of Schertz Economic Development Corporation and the City of Schertz Texas for Redevelopment of Lookout Road. (M. Browne/A. Perez) |
BACKGROUND
The Schertz Economic Development Corporation (SEDC) and the City of Schertz partner on infrastructure projects that fall within the Mission and authority provided to the SEDC under Texas Local Government Code 501.103. The redevelopment of Tri County Parkway is a recent example of a project that enhances the competitiveness of the Schertz industrial park and helps to secure, retain, and expand commercial and industrial investment within our community.
City Council Resolution 22-R-114 funds the next phase of continued investment in the competitiveness of the Schertz industrial park.
This action funds the design of the redevelopment of Lookout Rd and upsizing of wastewater facilities from approximately Tri County Parkway (just past Doerr Lane) to the intersection of Schertz Parkway. The attached funding agreement outlines the partnership with the City of Schertz. The SEDC will provide funding for design of the redevelopment of Lookout Rd. The SEDC will consider a final funding agreement for this project once project bids have been received in accordance with the SEDC/City of Schertz MOU (Resolution No. 22-R-112).
City Council Resolution 22-R-114 funds the next phase of continued investment in the competitiveness of the Schertz industrial park.
This action funds the design of the redevelopment of Lookout Rd and upsizing of wastewater facilities from approximately Tri County Parkway (just past Doerr Lane) to the intersection of Schertz Parkway. The attached funding agreement outlines the partnership with the City of Schertz. The SEDC will provide funding for design of the redevelopment of Lookout Rd. The SEDC will consider a final funding agreement for this project once project bids have been received in accordance with the SEDC/City of Schertz MOU (Resolution No. 22-R-112).
GOAL
Authorizes funding from the approved FY 2022-2023 SEDC Annual Budget for the design of redevelopment of Lookout Road and upsizing of wastewater facilities from approximately the intersection of Tri County Parkway to the intersection of Schertz Parkway. This action approves up to $770,000 for the design of this project.The SEDC will consider a final funding agreement for this project once full design and estimated costs, or bid costs are available depending on which is most efficient with respect to the timely completion of the project.
COMMUNITY BENEFIT
The majority of City of Schertz general fund revenue is supported by industrial and commercial investment in the community. This action supports the design of the redevelopment of Lookout Road, from approximately Tri County Parkway to Schertz Parkway. This redevelopment helps to demonstrate the provision of infrastructure enhancements within the industrial park in an increasingly competitive commercial development market.
SUMMARY OF RECOMMENDED ACTION
City Council Resolution 22-R-114 recommends Schertz City Council allocate an amount not to exceed $770,000 for the design of the redevelopment Lookout Rd and upsizing of wastewater facilities from approximately Tri County Parkway to the intersection of Schertz Parkway.
FISCAL IMPACT
This funding agreement will provide an amount not to exceed $770,000 for design costs associated with the redevelopment of Lookout Road allocated from the SEDC FY 2022-2023 Adopted Annual Budget.
RECOMMENDATION
Staff recommends approval of City Council Resolution 22-R-114.