Title
Consider a resolution authorizing the Mayor to execute a Development Agreement with LSBD Round Rock Sunrise, LLC for the development of a property located at 3000 Sunrise Road.
Body
This is a development agreement in association with a letter of no objection and a planned unit development (PUD No. 156) to allow a multifamily developer (LSBD Round Rock Sunrise, LLC) to construct an affordable apartment complex on the property known as 3000 Sunrise Road. The agreement stipulates the following:
1. Developer shall forgo any vesting claims pursuant to Chapter 245 of the Texas Local Government Code and agree to develop the site in accordance with the development regulations included in PUD No. 156 Development Plan.
2. Developer shall provide the City with a site plan and building elevations
3. Developer agrees not to pursue any tax exemptions or abatements for the project
4. Developer agrees to pay any require impact fees and required parkland dedication fees as provided for in the Round Rock Code of Ordinances
These are standard requirements for any project seeking approval of a resolution of no objection from the city.