title
Approval of a First Amended and Restated Economic Development and Utility Participation Agreement Between the City of Lewisville, Old Town Lewisville Tenant I, LP, and Old Town Lewisville Tenant II, LP, and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
On December 18, 2023, the City Council approved an Economic Development and Utility Participation (EDUP) Agreement with Old Town Lewisville Tenant I, LP, and Old Town Lewisville Tenant II, LP (the "Developer"). The purpose of this agreement was to facilitate the construction of The Standard at Old Town, a two-phase, 600-unit affordable multifamily housing project located at approximately 701 East Main Street. The project is owned by the Lewisville PFC and leased to the Developer. Since the original agreement was executed, City staff and the Developer have more specifically identified the needs for sanitary sewer capacity and a regional detention solution to support future development in Old Town. This new agreement makes several key changes: (1) it establishes a not-to-exceed reimbursement amount of $2,000,000 for utility costs, with an additional $350,000 available for potential price increases subject to City Manager approval (while these costs were anticipated in the original agreement, the new agreement provides more specifics and sets a maximum amount); (2) the Developer will invest an additional $2,000,000; (3) the project commencement deadlines for Phase I and II have been extended due to easement negotiation delays; and (4) the City will provide a $70,000 grant, a waiver of Phase II, and reimbursement of Phase I engineering site plan fees (estimated $102,632) in consideration for additional investment in the project and acquisition of the easements necessary for construction. Funding is available in the Standard at Old Town Capital Project, general fund, and plan review fees paid to the City.
RECOMMENDATION:
That the City Council a...
Click here for full text