title
Approval of an Economic Development Agreement Between the City of Lewisville and DMR Oakbend LP; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
DMR Oakbend LP and its affiliates (the “Developer”) own approximately 15.229 acres of property located near South Uecker Lane and East Uecker Lane. The Developer proposes two distinct projects: (1) the construction of fifty-eight (58) for-sale townhomes on approximately 7.288 acres, with 1.75 acres of open space (“Parks at Uecker”); and (2) the development of sixty-two (62) for-sale townhomes on approximately 7.941 acres, with the dedication of 1.5 acres of parkland to the City (“Willows at Oakbend”). In conjunction with the development of the projects, the Developer will also construct additional roadway improvements and execute private deed restrictions limiting the sale of no more than three townhome units to any one individual or entity. As consideration for the development, the proposed agreement includes: (1) a grant equal to one hundred percent (100%) of the water and sanitary sewer impact fees paid to the City for the Willows at Oakbend portion of the project, as well as a grant in an amount not to exceed $66,167 of the water and sanitary impact fees paid to the City for the Parks at Uecker portion of the project; (2) a waiver of all park fees associated with the development of the Willows at Oakbend; and (3) a transfer in the amount of $300,000 in escrow funds held by the City for the construction of public improvements on the south side of E. Uecker Lane. Funding is available from water and sanitary impact fees paid to the City and escrow funds held by the City.
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.