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Q. New Business  
City Council Meeting Agenda Economic Development  
Meeting Date: 12/09/2013  
Carriage Trails - Tenth Amendment - DEC Amended and Restated Development Agreement
Submitted By: Donnie Jones
Department: Economic Development  
Council Committee Review?:   
Date(s) of Committee Review:    12/03/2013  
Audio-Visual Needs:    None
Emergency Legislation?:    Yes
Motion/Ordinance/
Resolution No.:   
2013-O-2081

Information
Agenda Item Description or Legislation Title
An Ordinance Approving The Execution Of A Tenth Amendment To The Amended And Restated Development Agreement With DEC Land Co. I LLC, And Declaring An Emergency.
(first reading)
Purpose and Background
DEC has requested that the City provide additional TIF revenue for infrastructure improvements at the Carriage Trails project.  This amendment to the DEC development agreement will provide less than 50% of the cost of the infrastructure needed to provide an additional 20 lots and open up an additional subdivision.

Fiscal Impact
Source of Funds: Notes/TIF Funds
Cost: $380,000
Recurring Cost? (Yes/No): No
Funds Available in Current Budget? (Yes/No): No
Financial Implications:
Bonds and/or notes will be issued and appropriations increased to fund the additional cost of public infrastructure, if approved.
Attachments
Ordinance
Exhibit A
FOC
2013-O-2081

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