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Approval of an Economic Development Agreement Between the City of Lewisville and 305 E Round Grove Living, Ltd.; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
305 E Round Grove Living, Ltd. (“Developer”) plans to develop a 90-unit, 4-story mixed income multi-family residential building located at 305 E. Round Grove Road. The income mix will include the following: 6 units at 30% AMI, 23 units at 50% AMI, 23 units at 60% AMI, 4 units at 70% AMI, 1 unit at 80% AMI, and 33 units at market rate. The project will include amenities such as a clubhouse, fitness center, business center, children’s playroom, dog park, swimming pool, outdoor barbecue area, playground, and operation community care (non-profit(s) that provide counseling, job training, food pantry, and social events in coordination with property manager). The agreement also requires that the Developer make a capital investment of at least $30,000,000. In return, the City will provide a waiver of 100% of all fees collected at time of building permit, a waiver of the cash-in-lieu of parkland dedication associated with construction of the project, and a one-time grant equal to 100% of the water and sanitary sewer impact fees paid to the City. Funding will be available from water and sanitary impact fees paid to the City. The proposed development will directly assist in providing affordable housing options and contribute to diverse and thriving neighborhoods.
RECOMMENDATION:
That the City Council approve the economic development agreement as set forth in the caption above and authorize the City Manager, or her designee, to execute the agreement.