Legislation Details

File #: 18-0837    Version: 1 Name:
Type: Agenda Item Status: Regular Hearing
File created: 10/2/2019 In control: City Council
On agenda: 10/7/2019 Final action:
Title: Consideration of a Variance to the Lewisville City Code, Section 6-57(e), Related to Public Improvements, for the Aura Old Town Project, Located at the Southeast Corner of College Street and Leonard Street, as Requested by Trinsic Acquisition Company.
Attachments: 1. Staff Memo, 2. Aerial Map_Trinsic

title

Consideration of a Variance to the Lewisville City Code, Section 6-57(e), Related to Public Improvements, for the Aura Old Town Project, Located at the Southeast Corner of College Street and Leonard Street, as Requested by Trinsic Acquisition Company.

 

request

ADMINISTRATIVE COMMENTS:

 

Trinsic Acquisition Company is purchasing a 3.65 acre tract at the southeast corner of College Street and Leonard Street from the City.  Trinsic is proposing to invest $45 million by constructing a 315-unit residential development with structured parking. The developer is requesting a variance to city code section 6-57 (e) to allow for a Performance and Payment Bond for public improvements in lieu of providing a cash escrow.

 

RECOMMENDATION:

 

That the City Council approve the requested variance as set forth in the caption above.