Title
Consider a resolution authorizing the Mayor to execute a Development Agreement with Urban InTownhomes, Ltd.
Body
This item is a development agreement between the city and Urban InTownhomes, Ltd., the developer of The Depot Townhomes on the former gypsum site in downtown. The city’s commitments to the developer include selling the land for a total of $425,000, waiving development fees, and constructing the McNeil Road extension project. The developer’s commitments include paying the cost of upsizing water and wastewater lines required to serve the property and re-constructing East Bagdad Avenue between South Mays Street and South Sheppard Street. The city will then reimburse the developer for the cost of the reconstruction, as Bagdad Avenue will remain a public road.