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Home My WebLink AboutR2022-073 2022-04-11DocuSign Envelope ID: D655D6B0-F001-4000-A00E-129AC1B0B620 RESOLUTION NO. R2022-73 A Resolution of the City Council of the City of Pearland, Texas, authorizing the City Manager or his designee to enter into a Letter Finance Agreement with Reinvestment Zone No. 2, City of Pearland, Texas, associated with the Shadow Creek Ranch Trails Phase II. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS: Section 1. That certain Letter Finance Agreement between the City and Reinvestment Zone No. 2, City of Pearland, Texas, a copy of which is attached hereto as Exhibit "A" and made a part hereof for all purposes, is hereby authorized and approved. Section 2. That the City Manager or his designee is hereby authorized to execute and the City Secretary to attest the Letter Finance Agreement attached hereto. PASSED, APPROVED and ADOPTED this the 11th day of April, A.D., 2022. ,-DocuSigned by: 9� B4@&1 A61593F4F2... J. KEVIN COLE MAYOR ATTEST: ,—DocuSigned by: \-7n1R6fl:-nCA4FA... LESLIE CRITTENDEN CITY SECRETARY AP QVIgDdiS TO FORM: E9&&AOODBB+F4B6. DARRIN M. COKER CITY ATTORNEY REINVESTMENT ZONE NUMBER TWO, CITY OF PEARLAND, TEXAS March 2, 2022 The Honorable Kevin Cole City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Re: Financing for TIRZ Improvements: Shadow Creek Ranch Trails Phase II, TIRZ Project No 22-02-001 Dear Mayor Cole: The City of Pearland, Texas (the "City") and Reinvestment Zone Number Two, City of Pearland, Texas (the "Zone") have determined to proceed with the following TIRZ Improvements, as contemplated by the Fourth Amendment to Project Plan and Reinvestment Zone Financing Plan. Shadow Creek Ranch Trails Phase II, TIRZ Project No 22-02-001 Attached to this letter agreement is a map showing the area which is benefited by the TIRZ Improvements over which the available Tax Increment will be applied for purposes of determining when reimbursement is made. The City has agreed to pre -finance the design and construction of the TIRZ Improvements and the Zone agrees to reimburse the City pursuant to the terms of the TIRZ Project Implementation and Reimbursement Process. The Zone hereby gives its approval of the above described TIRZ Improvements. All applicable procedures set forth in the document entitled TIRZ Project Implementation and Reimbursement Process must be followed. The Zone's Engineer has determined that the budget (using 2022 dollars) established in the Zone's Fourth Amendment to Project Plan and Reinvestment Zone Financing Plan for the above described TIRZ Improvements is $1,696,696 which includes construction cost, design cost, and contingency The Zone is not obligated to reimburse the City for any amount in excess of that budgeted amount. 1004947 This letter agreement was duly authorized at a meeting of the Board of Directors of the Reinvestment Zone Number Two, City of Pearland, Texas held on the 2nd day of March, 2022. Very truly yours, REINVESTMENT ZONE NUMBER TWO, CITY OF PEARLAND, TEXAS ATTEST •Seeret��✓ , Board of Dire ors B Chairman,j6ard of Directors 1004947 PASSED AND APPROVED this eday of rys a o LFs I,e G. City Secretary 11111111 ••pF pEAF?& • ,r. 2022. CITY OF PEARLAND, TEXAS 1004947 114 36OO W Sam Houston Pkwy S, Suite 6OO, Houston, Texas 77O42 LJA ENGINEERING t 713.953.5200 LJA.com TBPE F-1386 TBPLS 1O11O5O1 February 16, 2022 Board of Directors Reinvestment Zone No. 2, City of Pearland, Texas City of Pearland, Texas 3519 Liberty Drive Pearland, Texas 77581 Re: Project # 22-02-001, Shadow Creek Ranch Trails Ph II Reinvestment Zone No. 2, City of Pearland, Texas LJA Project No. 1546-0000 (2.0) Dear Board of Directors: We have determined that the referenced project, as proposed, is included in the adopted TIRZ Project Plan. The budget for the proposed improvements totals $1,696,696, which includes construction cost, design cost, and contingency for the Shadow Creek Ranch Trails Ph II as shown on the attached exhibits. Attached is a budget status report that illustrates the remaining balances within the 4th amendment of the TIRZ budget and shows the proposed budget for the above referenced project. If you have any questions or concerns regarding this matter, please contact our office. Sincerely,; Everett Deao, PE Engineer for Reinvestment Zone No. 2 ED/pa Attachments Copy Ms. Lynne B. Humphries — Allen Boone Humphries Robinson LLP Mr. Clay Pearson — City of Pearland, Texas O:\LAND\1546\154600001TIRZFinance 22-02-001.doc UA Engineering, Inc. 2/15/2022 Reinvestment zone No. 2, City of Pearland, Texas Shadow Creek Ranch Letter Finance Agreement 22.02.001 Shadow Creek Ranch Trails Ph II Proposed Budget from 4th Amendment Item Infrastructure Streets Pavement Sidewals Landscapring and Irrigation Entry Monuments Lighting Broadway Widening and Signalization Business Center Drive Paving Memorial Hermann Drive Paving Water System Wastewater System Storm Water Sysem Lakes and Channels Improvements Land Cost Detention and Drainage Land Cost Beautificalton/Deepening/Pond Creation Site Drainage Facilities Park and Recreation Improvements Land Cost Landscaping Business Center Drive Memorial Hemann Drive Overhead Utilities Placed Underground Pipeling Relocation Major Improvements Water Plants Land Cost WWTP Lift Station Traffic Signals McHard Road Reimbrusables Miscelaneous Signal SH 288 Access Road FM 518 Improvemens Broadway/FM 518 Improvements Contingencies and Engineering Contingencies (10%) Engineering (15%) Master Drainage Plan Costs Enviornmental Study Costs Shadow Creek Ranch Park Phase II Shadow Creek Trail SCR Park Trail to Kirby and SCR Trail System Shadow Creek Trail Phase II -Along Clear Creek Relief Ditch & Library Trail Shadow Creek Parkway Landscaping, Street Lighting & Sidewalks Intersection Improvements (BCD/SCP BCD/Broadway, etc) Sidewalk Extensions Subtotal Zone Administration/Creation TIRZ Administration (1-3 Years) Reimbursable TIRZ Creation Costs Annexation Costs Plan Amendment Costs Subtotal Infrastructure Total City Facilities Library Improvements Land Costs Fire/Police Station Improvements Land Costs City Facilities Total Educational Facilities AISD Elementary School AISD Jr. High School AISD Fresh/Soph Campus FBISD Elementary School FBISD Middle School Educational Facilities Total Grand Total 4th Plan Amendment (2018 Dollars) $9,720,000 $767,760 $1,470,000 $7,140,000 $7,957,160 $1,137,701 $28,192,621 $28,192,621 $14,253,174 $9,878,439 $24,131,613 So $52,324,234 4th Amendment Funds Available for Future TIRZ Projects (2018 Dollars) $0 $0 $1,470,000 $7,140,000 $7,957,160 $0 $16,067,160 $16,567,160 $0 $0 $0 So $16,067,160 4th Amendment Funds Available for Future TIRZ Projects (2022 Dollars) $0 $0 $1,696,696 $8,241,095 $9,184,273 $0 519,122,063 519,122,063 $0 $0 $0 So $19,122,063 Jan. 2018 ENR Index= Jan. 2022 ENR Index= Adjustment = MfL`EAA z2.ronioMM EiDaftzeisztallroat a8 Recommended for Approval (2022 Dollars) $1,696,696 $1,696,696 $1,696,696 $0 SO $1,696,696 10878 12555.55 15.42% 4th Amendment Funds Available for Future TIRZ Projects (2022 Dollars) $0 So $0 $8,241,095 $9,184,273 $0 517,425,367 517,425,367 $0 $0 $0 $0 $17,425,367 w.Ww o\s506\nxz nnance\22-02.156( Trails P2\12 -02-O01 at Amendment Budge *I l SCR Trail Library Connection r' t ,,Pearland 'llibrary, 10 -ft Trail Limits CITY OF PEARLAND Shadow Creek Ranch Phase II Along Clear Creek Relief Ditch & Library Trail - 10 -ft Trail Limits - SCR Trail Library Connection This product in for infiormational purposes and may not have been prepared for or he suitable for legal engineering. or surveying purposes. It does not represent an on-the-gmund survey and represents only the approximate relative location of property boundaries MAP PREPARED: FEBRUARY 2022 CITY OF PEARIAND IT GIS DEPARTMENT SCH-7 SF -86-B DC- SCH-6 SF -38A SF -388 P-3 P-2 UT MEDICAL CENTER OUT UT MEISIEA CEN,T,ER,w- ME CLEAR CREEK u-� )S- YMCA CITY of PEARLAND C -21B STEP C-21AUT MEDICAL CENTER LIBC-2 FM 2234 SCH-3 SF -18 UDC -1A SF -78 SCALE 1 = 2,000 FEET OLIC: / FIRE SF -6 SF -6 DS -91 / C-15 BENIFITTED AREAS REINVESTMENT ZONE NO 2, CITY OF PEARLAND, TEXAS SHADOW CREEK RANCH TRAILS PH II PROJECT NO 22-02-001 LJA ENGINEERING 3600 W Saw Mauston Parkway S. Suit. 600 k.o.t.n Tows 77042 Gnerw 713 253 5200 TSPE F-1380 UAcwn EXHIBIT NO. I JOB NO 1 DATE 2/16/2022