The URL can be used to link to this page

Home My WebLink AboutR2022-076 2022-04-11RESOLUTION NO. R2022-76 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 Intersection Improvements. 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 Secre tary to attest the Letter Finance Agreement attached hereto. PASSED, APPROVED and ADOPTED this the 11th day of April, A.D., 2022. _________________________________ J.KEVIN COLE MAYOR ATTEST: ________________________________ LESLIE CRITTENDEN CITY SECRETARY APPROVED AS TO FORM: ________________________________ DARRIN M. COKER CITY ATTORNEY DocuSign Envelope ID: D655D6B0-F001-4000-A00E-129AC1B0B620 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 Intersection Improvements, TIRZ Project No 22-02-003 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 Intersection Improvements, TIRZ Project No 22-02 003 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 $9,184,273 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. 1004949 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 B . �I Y Chairman, Bo. • of Directors -Secretaryf Board of rectors 1004949 PASSED AND APPROVED this /1*' day of •1 I , 2022. CITY OF PEARLAND, TEXAS in Cole Mayor AT' 'T ti `L- -- ar —• Leslie Crt Aier4 City Secretary ,,,•�`` EARLq ''�•, c„E • ,,, ,,,,,,,,, ,,,,,,,,,,,,,,, 1004949 3600 W Sam Houston Pkwy S,Suite 600,Houston,Texas 77042 LJA ENGINEERING t 713.953.5200 LJAcom TBPE F-1386 TBPLS 10110501 February 1.6, 2022 Board of Directors Reinvestment Zone No. 2, City of Pearland, Texas City of Pearland, Texas 3519 Liberty Drive Pearland, Texas 77581 Re: Project#22-02-003, Shadow Creek.Ranch Intersection Improvements 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 $9,184,273, which includes construction cost, design cost, and contingency for the Shadow Creek Ranch Intersection Improvements 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 22-02-003.doc IJA Engineering,Inc. 2/15/2022 Reinvestment Zone No.2,City of Pearland,Texas Jan.2018 ENR Index= 10878 Shadow Creek Ranch Jan.2022 ENR Index= 12555.55 Adjustment= 15.42% Letter Finance Agreement 22-02-003 Shadow Creek Ranch Landscaping,Street Lighting and Sidewalks Proposed Budget from 4th Amendment INIIL 12-2 0202 009 Q� 9L'tm1 ,provements, 4th Amendment Funds 4th Amendment Funds 4th Amendment Funds 4th Plan Available for Future Available for Future Available for Future Amendment TIRZ Projects(2018 TIRZ Projects(2022 Recommended for TIRZ Projects(2022 Item (2018 Dollars) Dollars) Dollars) Approval(2022 Dollars) Dollars) Infrastructure Streets Pavement Sidewalls 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 Beautificaiton/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 Enviommental Study Costs Shadow Creek Ranch Park Phase II $9,720,000 $0 $0 $0 Shadow Creek Trail SCR Park Trail to Kirby and $767,760 $0 $0 $0 SCR Trail System Shadow Creek Trail Phase II Along Clear Creek Relief Ditch&Library Trail $1,470,000 $1,470,000 $1,696,696 $1,696,696 Shadow Creek Parkway Landscaping,Street $7,140,000 $7,140,000 $8,241,095 $8,241,095 Lighting&Sidewalks Intersection Improvements(BCD/SCP $7,957,160 $7,957,160 $9,184,273 $9,184,273 $0 BCD/Broadway,etc) Sidewalk Extensions _ $1,137,701 $0 $0 ___ $0 Subtotal $28,192,621 $16,567,160 $19,122,063 $9,184,273 $9,937,791 Zone Administration/Creation TIRZ Administration(1-3 Years) Reimbursable TIRZ Creation Costs Annexation Costs Plan Amendment Costs Subtotal Infrastructure Total $28,192,621 $16,567,160 $19,122,063 $9,184,273 $9,937,791 City Facilities Library Improvements $14,253,174 $0 $0 $0 Land Costs Fire/Police Station Improvements $9,878,439 $0 $0 $0 Land Costs City Facilities Total $24,131,613 $0 $0 $0 $0 Educational Facilities AISD Elementary School AISD Jr.High School AISD Fresh/Soph Campus FBISD Elementary School FBISD Middle School Educational Facilities Total $0 $0 50 $0 $0 Grand Total $52,324,234 $16,567,160 $19,122,063 $9,184,273 $9,937,791 WALAND\1546\TnZ nuance\22-02-003 SCR Intersection Improvements\22-024x136th Amendment Budget Kingsley Dr - Regents Bay Additions Traffic Signal Kingsley Dr - Trinity Bay Dr Additions Traffic Signal by Dr Broadway St ditions Traffic Improvements Broadway St - Kirby Dr Additions Traffic Improvements Kirby Dr - FM 2234 Additions Traffic Improvements Kirby Dr - Discovery Bay Dr Additions Traffic Signal Business Center Dr - Memorial Hermann Dr Additions Round -A -Bout CITY OF PEARLAND Intersection Improvements trre SF -86-B SF -75 DC SCH-6 SF -38A SF -38B CH -4 DC -2 DC -5 CR92 CLEAR CRFFk P-3 UT MEDICAL CENTER OUT P-1 -"BUT MEDICAL CEN LERUT MEDIC L -CENTER YMCA ( CITY OF I PEARLAND �A . OLIC C-21 B1 , STP FIRE C -21A UT MEDICAL CENTER LIBC-20A FM 2234 SF -24 DS 2 SCH-3 SF -18 LIDC-1 A SCALE 1 = 2 000 FEET SF -6 SF -6 C -19B MF-7 IC_17 DS -91 C-15 0 c BENIFITTED AREAS REINVESTMENT ZONE NO 2, CITY OF PEARLAND, TEXAS SHADOW CREEK RANCH INTERSECTION IMPROVEMENTS PROJECT NO. 22-02-003 LJJ LS W IIm M.wYw Popham II tli16 600 Mirsbm. Tans 71142 w.. 711K1S200 'MPG c-1316 LJA ENGINEERING tj.""" EXHIBIT NO I JOB NO I DATE 2/16/2022