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Approval of the Third 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.
request
ADMINISTRATIVE COMMENTS:
Russell Glen LLC (the "Developer") and the City of Lewisville entered into a Developer Agreement on December 20, 2021. The agreement provides that 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-friendly commercial development to include restaurants, a grocery store, office, and/or hotel uses. The First and Second Amendment to the Developer Agreement were approved by the City Council to allow for additional time for the Developer to identify tenants for the site. The Developer is finalizing development plans and has acquired a Letter of Intent for approximately seventy-five percent of the property and is requesting a Third Amendment to the Developer Agreement to allow for additional time to complete negotiations and finalize the planned development.
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.