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Approval of a Reimbursement Agreement With the Denton County Transportation Authority in the Amount of $2,000,000 Related to Construction and Funding of Public Roadway Improvements Within the Proposed Ojala Development, “The Standard at Old Town”; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
The developers of “The Standard at Old Town” entered into an economic development agreement with the City of Lewisville as approved by the City Council in December 2024. The agreement requires the developers to solicit bids for the construction of the project’s public improvements in accordance with Lewisville development standards and upon completion, dedicate such improvements to the City. The City of Lewisville in turn applied for, and the Denton County Transportation Authority (DCTA) approved $2,000,000 in Transportation Reinvestment Program (TRiP) funding related to construction of public streets within the proposed development. The developer has nearly completed platting and developing construction plans for the site and is planning to begin construction in early summer of 2025. The subject agreement provides for the TRiP funding to be provided by the DCTA to the City and in turn reimburse the developer up to $2,000,000 toward the cost of public streets within the 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.