An Ordinance Authorizing The Repeal Of Ordinance No. 2012-O-1977 Approving The First Supplement And The Execution Of A Sixth Amendment To Amended And Restated Development Agreement With DEC Land Co. I LLC, And Declaring An Emergency.
Purpose and Background
This ordinance repeals Ordinance No. 2012-O-1977 which allowed the City to purchase 60 acres of land within the Carriage Trails subdivision for $1.8 million and allowed DEC the option to repurchase the land at a later date if they so desired. This ordinance repeals that ordinance and continues to allow the City to advance TIF revenue to the project in the amount of $1.8 million in additional funds. The City will use these funds to reimburse the developer for the cost of public infrastructure within the property. The developer will agree to produce 126 new lots by this time next year. The developer will also agree to donate 60 acres of land to the City free of all encumbrances and the City will offer an option to the developer to repurchase the land should they see fit within two years at a cost of $30,000 per acre.
Source of Funds:
Recurring Cost? (Yes/No):
Funds Available in Current Budget? (Yes/No):
The City will issue $1.8 million in notes. The proceeds will be used to reimburse a portion of the cost of the public infrastructure in Carriage Trails. The City will have added security as the developer has decided to donate 60 acres of land to the City.