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Item 10A MemoCity of Southlake, Texas MEMORANDUM May 21, 2003 To: Billy Campbell, City Manager From: Bruce Payne, Director of Planning Subject: Consider 380 agreement and developer's agreement for Pin Oak Estates Action Requested: Authorize the Mayor to execute a 380 economic development agreement for Pin Oak Estates, a 57 lot addition formerly known as Oak Hill Mobile Home Park. Background Information: The area known as Oak Hill Mobile Estates was recently re -zoned to allow site -built homes and the final plat of the area now known as Pin Oak Estates was approved as Hillwood Oaks Addition on November 7, 2002. The street name in this addition was changed from Oak Lane North and Oak Lane South to Pin Oak Circle on February 18, 2003. In 2001, sanitary sewer was provided in this addition by the city as part of the Community Development Block Grant (CDBG) program. In 2002, water lines were installed by the City. The developer proposes to reconstruct the streets, 24 feet wide with a storm sewer system, on -site and off -site. In this re- development, the developer proposes the following: 1. Four Peaks Development will contract and undertake the reconstruction of the streets and to install both the on -site and off -site drainage systems in a design as mutually agreed upon. The cost estimate for paving and drainage improvements is $675,000. 2. Four Peaks Development will make it's best effort to acquire the remaining lots within Pin Oak Estates that are not now owned by Four Peaks Development. 3. Four Peaks Development will cause site built single family homes to be built upon all of the lots that it controls within Pin Oak Estates. 4. The City will reimburse Four Peaks Development. $250,000. 5. The City will waive 100 percent of all building permit fees, and any other ancillary fees associated with the construction of homes. 6. The City will submit the City owned lot that exists with Pin Oak Estates for public auction. Financial Considerations: Funds for the $250,000 reimbursement have been programmed in the CIP for FY 03 -04. Citizen Input / Board Review: There is no park fee as this property was originally subdivided prior to the adoption of the park land dedication ordinance. Legal Review: This 380 agreement had been drafted by the City attorney's office and the City attorney has reviewed it. Alternatives: The City Council may approve it, deny it or modify it. Supporting Documents: Agreement Staff Recommendation: Authorize the Mayor to execute a 380 economic development agreement for Pin Oak Estates. Staff Contact: Bruce Payne, AICP, Director of Planning, ext. 2036