Title
Consider a resolution authorizing the Mayor to execute a Consent and Development Agreement with Cressman Enterprises, LP, et al. and Round Rock Municipal Utility District No. 2 regarding the development of 174.10 acres of land.
Body
The consent and development agreement for the creation of Round Rock Municipal Utility District (MUD) No. 2 is between the City, the owners of the Cressman property and the MUD. The Cressman property, approximately 174.10 acres of land, which was annexed into the City on February 14, 2019, is the area that will be contained in the MUD. The SF-3 (Single Family - Mixed Lot) zoning district was applied to it at the time of annexation.
The purpose of the MUD is to provide the developer of the property an alternate way to finance the necessary infrastructure within its boundaries, including water, sewer, drainage and road facilities. Managed by a Board elected by MUD property owners, the MUD may issue bonds to reimburse a developer for authorized improvements, using property tax revenues and user fees received from water and sewer services to repay the debt. Since the MUD will be within the City limits, all City services will be provided to the residents. Property taxes from both the City and the MUD will be applied to the properties within the MUD. The agreement includes a bond limit amount of $14.1 million dollars for the MUD. The total tax rate, combining the City’s tax rate and the MUD’s tax rate, is expected to be comparable to the what a new MUD’s tax rate would be for property outside of the City.
Part of this agreement includes the dedication of right-of-way for a re-alignment of Kenney Fort Boulevard and the dedication of park land. The re-alignment will alter the route already acquired by the City and provide the City with a parcel of land adjoining Old Settlers Park, which is desirable to the City.