Title
Consider a resolution consenting to the Partial Assignment of Consent and Development Agreement by Meritage Homes of Texas, LLC to Tri Pointe Homes Texas, Inc.
Body
The consent and development agreement for the creation of Round Rock Municipal Utility District (MUD) No. 2 between the City, the owners of the Cressman property and the MUD was approved by the City Council on May 9, 2019. The land contained within the MUD is approximately 174.20 acres and it is being developed by Meritage Homes as Homestead at Old Settlers Park.
When the MUD was created, the Cressman family did not include approximately 30 acres of their property in it, since that property was under contract to be sold to a multi-family developer. That sales contract has since fallen through, and Meritage Homes is now under contract to purchase the land. This agenda item and the following two items will provide for these approximately 30 acres to be included within Round Rock Municipal Utility District (MUD) No. 2. The property is zoned as MF-1 (Multifamily - Low Density) and Meritage intends to develop it as townhomes in accordance with that zoning district.
This agreement provides for the partial assignments of the MUD consent agreement that have been made to date from the Cressman family to Meritage Homes and are to be made concurrently with the First Amendment from Meritage to Tri Pointe Homes in accordance with a joint ownership and development agreement (JODA) between Meritage and Tri Pointe.