Title
Consider a resolution authorizing the Mayor to execute a Development Agreement with KB Home Lone Star, Inc. regarding the development of 158.006 acres and 2.426 acres owned by the City.
Body
A development agreement is proposed concurrently with the voluntary annexation and Planned Unit Development (PUD) for the Freeman Tract. This agreement identifies the responsibilities of the developer and City in regards to the construction of certain improvements.
Currently, Forest Ridge Blvd. terminates within the Forest Bluff subdivision to the north and the Forest Ridge subdivision to the south. Forest Ridge Blvd. will be extended through City property and the Freeman Tract during construction of the subdivision. This development agreement requires the Forest Ridge Blvd. extension to be completed prior to the issuance of any single-family building permits, excluding four (4) model homes. In accordance with the PUD, landscaping, irrigation, and upgraded masonry subdivision walls are required within the Forest Ridge Blvd. right-of-way (ROW). These improvements are required to be installed prior to the issuance of any single-family building permits, excluding four (4) model homes. In addition, this agreement requires the installation of an eight-foot (8') tall masonry wall along Forest Ridge Blvd adjacent to four (4) single-family lots in Forest Bluff; and a six-foot (6') tall masonry wall adjacent to another single-family lot across the street.
The Forest Ridge Blvd. ROW extension on the north end will necessitate park improvements as proposed by the PUD. These include the realigning of a portion of the Brushy Creek Trail on City property. This agreement requires the trail realignment to be completed prior to the issuance of any single-family building permits, excluding the four (4) model homes.
The approved Traffic Impact Analysis (TIA) identifies the likely need for a traffic signal at the intersection of Forest Ridge Blvd. and Red Bud Lane. The developer's pro-rata share for this improvement is $110,000. The agreement requires a bond for this amount to be posted with the City prior to the recordation of the first final plat. The City then has two (2) years following the recordation of the last final plat to pull the bond and commence construction of the signal.
The City will be responsible for the extension of the reuse water system across Brushy Creek and terminating it at the limits of the FEMA floodplain near the proposed public park. The City's costs for this extension are approximately $106,000. The developer will be responsible for extending the reuse system for irrigation use in the public park, the Forest Ridge Blvd. ROW, and privately maintained common areas. The City will take over maintenance and ownership of the reuse infrastructure for the public park. The remaining reuse infrastructure will be owned and maintained by the future Homeowners Association (HOA).
Cost: $106,000
Source of Funds: Self financed Water Construction
Recommended Action
Staff recommends approval.