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Approval of an Economic Development Agreement Between the City of Lewisville and TSMJV LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
TSMJV LLC (“Developer”) owns a 3.21-acre property located at the northwest corner of S Charles Street and Lake Haven Drive and is proposing to build fifty-five (55) for-sale townhomes with a minimum floor area of 2,000 square feet each and a minimum investment of $27,000,000.00, in which the Developer can sell no more than two (2) townhome units in the project to a single individual or entity. This project will add desired for-sale residential homes to Old Town. In consideration for the development, this agreement provides for (1) a grant equal to the amount of water and sanitary impact fees and building permits fees paid to the City, (2) a waiver of all park fees required for the project, and (3) a grant in an amount equal to one hundred percent (100%) of the ad valorem property taxes owed and paid to the City, not to exceed $400,000. Funding is available from water and sanitary impact fees and ad valorem taxes paid to the City.
RECOMMENDATION:
That the City Council approve the economic development agreement and authorize the City Manager, or her designee, to execute the agreement.