These Development Agreements and an accompanying Utility Agreement are for the tract(s) generally located east of Polo Ranch and stretching from FM 1093 north to Wallis Street. A prospective residential developer, Century Communities, will develop approximately 251 home sites, with the current landowners retaining commercial/mixed-use tracts surrounding.
The agreements can be summarized as constituting the following:
· Approval of a general plan of development including single-family lot size (compliant with the zoning district) and codifying that certain tracts develop with commercial uses.
· Caps the number of single-family lots at 251 units, with the option of a 10% increase.
o Such lots shall average 6,500 sq. ft. in size with a minimum lot width of 50'.
· Caps the development of homes at 100 units the first year, another 100 the next, and the remainder the following year.
· The single-family portion will be developed by Century Communities and annexed into the same MUD as Polo Ranch.
· The developer will be subject to city permitting and inspections, and the new regional park fee of $1,265.03 per dwelling unit.
· The developer will receive credit for any oversizing of utility lines, such as, potentially, an oversized line going east/west from Polo Ranch to Wallis Street.
· The development is subject to the 2022 adopted impact fee rate.
· The developer/landowner will convey to the City two tracts of land, an approximately 5.41 acre parcel along FM 1093, and another 5.3 acre parcel further north and generally close to Wallis Street for the purposes of a regional detention pond to support Downtown core redevelopment.
o The developer/landowner has preliminary appraised these tracts at a combined value of over $6,000,000 which are to be paid back to the developer in the form of fee credits.
o The City may perform its own appraisal of the land.
The City may not convey the 5.4-acre parcel to a private interest for 2-years after the agreement is executed.