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Approval of the Fourth Amendment to the Developer Agreement Between Russell Glen, LLC and the City of Lewisville; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
Russell Glen LLC (the “Developer”) and the City of Lewisville entered into a Developer Agreement on December 20, 2021. Under this agreement, the City will sell a 25.668-acre tract of land located at the southwest corner of I-35 and FM 407 (the “Property”) to the Developer for a pedestrian-oriented commercial project envisioned to include restaurants, a grocery store, office space, and/or hotel uses. Previous amendments to the Developer Agreement were approved by the City Council to grant the Developer additional time to secure tenants for the site. The Developer is now prepared to proceed with the rezoning process and is requesting a Fourth Amendment to the Agreement to allow additional time (not to exceed twelve months) to complete rezoning and close on the Property.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.