R2006-124 08-14-06
RESOLUTION NO. R2006-124
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, SUPPORTING THE REIMBURSEMENT OF COSTS ASSOCIATED
WITH THE CONSTRUCTION OF CERTAIN ROAD IMPROVEMENTS.
WHEREAS, Shadow Creek Retail, LP, a Delaware Limited Partnership ("SCR")
has purchased approximately 88 acres, generally located at the north west corner of the
intersection of SH 288 and FM 518 ("Property"); and
WHEREAS, SCR desires to develop approximately 625,000 square feet of gross
leaseable retail space on the Property; and
WHEREAS, the development of the Property will result in a significant increase of
traffic in the surrounding area that requires SCR to construct multiple road improvements
designed to mitigate the increase in traffic, including widening Broadway to six (6) lanes
with attendant turn lanes and signalization; and
WHEREAS, SCR has requested reimbursement of the costs identified in Exhibit
"A" attached hereto, associated with construction of the road improvements and other
development in consideration of the taxable value and sales tax revenue that
development of the Property will bring to the City.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Council supports reimbursing SCR for the costs
(estimated to be $11,750,000.00) identified in Exhibit "A" attached hereto and which
includes the costs associated with the construction of the following Road Improvements:
(1) Business Center Drive from Broadway and left turn lanes to the
southern boundary of Shadow Creek Ranch;
(2) Memorial Hermann Drive from the SH 288 west right-of-way line
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RESOLUTION NO. R2006-124
to Business Center Drive;
(3) Widening the portion of Broadway falling within the boundary of
Tax Increment Reinvestment Zone No.2 ("TIRZ No.2") from SH
288 to Kirby Drive.
In order to facilitate the reimbursement, the City Council urges the Board of Directors
from TIRZ No.2 to consider amending its Project and Finance Plan to add the
aforementioned Road Improvements and other items identified on Exhibit "A" to the list of
those improvements funded by TIRZ No.2 revenue.
Section 2. That the City Council expresses its intent to enter into a Sales Tax
Reimbursement Agreement with SCR, as authorized by Chapter 380 of the Local
Government Code, for the reimbursement of costs associated with the construction of
widening the portion of Broadway that falls outside TIRZ No.2 from SH 288 to Kirby
Drive. The reimbursement of the anticipated $1, 950,000.00 construction costs for
widening the portion of Broadway falling outside the TIRZ No.2 boundaries as described
above, is proposed to be generated from a portion of the sales taxes paid to the City and
the PEDC that are generated by development of the Property.
PASSED, APPROVED and ADOPTED this the 14th day of August, A.D., 2006.
c~: ~~ lw
TOM REID
MAYOR
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RESOLUTION NO. R2006-124
ATTEST:
,
APPROVED AS TO FORM:
a~~- - I\.~
DARRIN M. COKER
CITY ATTORNEY
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RESOLUTION NO. R2006-124
EXHIBIT "A"
ELIGIBLE PROJECTS ESTIMATE OF COST
Infrastructure
Major Road Infrastructure
Broadway Widening $2,831,789
Business Center Drive paving $852,722
Memorial Hermann Drive paving $383,107
Landscaping
Business Center Drive $157,500
Memorial Hermann Drive $67,500
Detention I Dra inage
Land (500,000 sf @ $5.70 per sf) $2,850,000
Beautification/Deepening/Pond creation $200,000
Site drainage facilities $1,842,000
Overhead Utilities Placed Underground $1,200,000
Pipeline Relocation $700,000
Engineering $490,000
Engineering (15%)
Subtotal $11,547,618
Plan Amendment Costs (statutorily $175,000
permissible professional fees such as legal,
engineering, architectural etc.)
Subtotal $175,000
TOTAL $11.749,618
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