DEPARTMENT: Planning
DEPARTMENT HEAD: Bridgett White, AICP
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Second Amendment to the Agreement with the Property Owners of the Westside 211 Special Improvement District
SUMMARY:
This is a public hearing and consideration of a Second Amendment to the "Agreement for Services in lieu of Annexation between the City of San Antonio and the Cumberland Potranco Joint Venture, Cumberland 211, Ltd., KD CIRI I, L.L.C., CIRI Land Development Company and Cumberland 90, Ltd., Property Owners of the Westside 211 Special Improvement District located in the City's extraterritorial jurisdiction. This Amendment extends the term of the agreement by ten years from 2007 to December 30, 2052. A copy of the Second Amendment to the Agreement is attached as Attachment 1.
BACKGROUND INFORMATION:
City Council approved an Agreement for Services in lieu of Annexation (Agreement) with the Cumberland Potranco Joint Venture, Cumberland 211, Ltd., KD CIRI I, L.L.C., CIRI Land Development Company and Cumberland 90, Ltd., (Property Owners) of the Westside 211 Special Improvement District (District) on September 20, 2007. [See map in Attachment 2.] The original agreement defers annexation of District until December 30, 2037 and provides the Property Owner's consent to voluntary annexation at the expiration of the agreement.
One of the purposes of the District is to assist with financing public improvements related to State Highway 211 and Potranco Road, which were approved for Pass-Through Financing by the Texas Department of Transportation (TxDOT). Bexar County will issue bonds that will be repaid by TxDOT, with the District committed to covering finance costs associated with the bond issuance. The District revenues will first offset bond financing costs for the extension of State Highway 211 north of Potranco Road, and to widen Potranco Road from two lanes to five lanes and will then reimburse the developers. The District is resp...
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