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Home My WebLink AboutORD 2010-30 - Change Boundaries Rivery Park TIRZWHEREAS, Brae Group, LTD ("Developer") is the owner of approximately 31.935 acres of land in the Rivery Park Subdivision, Georgetown, Texas ("Developer's Property"); and WHEREAS, Developer's Property is adjacent to Rivery Park, a public park owned by the City ("City's Property"); and establishWHEREAS, on November 19, 2007, the City received a Petition from the Brae Group, LTD to x 'zone inaccordance Chapter and WHEREAS, after holding the requisite public hearings and notifying the other taxing authorities, on December 11, 2007 the City Council approved Ordinance 2007.91 creating a Tax Increment Reinvestment Zone on the Developer's Property and the City's Property (the "Zone"); and WHEREAS, Ordinance 2007-91 contained a Project Plan and a Reinvestment Zone Financing Plan for Rivery Park wherein the Zone will facilitate a program of public improvements to allow and encourage the development of a 31.94 (+/-) acre tract of land into a mixed use development with a hotel, conference or event center, and business/corporate offices as well as the development of Rivery Park as an outdoor event/destination/festival site for the City; and, WHEREAS, the first phase of the Project was scheduled to begin construction in the first quarter of 2008 with private development costs in the Zone estimated to range from $135,000,000 to $165,000,000 over a three to four year period; and, WHEREAS, on June 30, 2008, the City Council approved Resolution 063008-A expressing the City's intent to contribute the City's flax increment toward improvements within the Zone; and WHERAS, Resolution 063008-A indicated that the Developer shall commence efforts to obtain financing and related funding for the proposed development on or about July 28, 2008 and complete said efforts by March 31, 2009 and that the Developer shall commence construction of the Park Improvements on or about March 1, 2009 but no later than June 30, 2009 with the park improvements to be substantially completed by July 1; 2010 but no later than October 1, 2011; and, WHEREAS, on September 16, 2008, the City Council entered into a Tax Increment Financing Agreement with Williamson County whereby the City will participate at 100 % of its increment and the County will participate at 80 % of its increment for qualified improvements in the Zone; and WHEREAS, the maximum net proceeds to Developer from the Tax Increment Fund from the City and County Tax Increment shall not exceed 25 million dollars; and, WHEREAS, Agreement 1 provided for the City to remit to Countythe ;i of its I i general sales tax in the Zone; and, WHEREAS, per the ♦.reement between the City and WilliamsonCounty,o' ! i the project plan pertaining to the conference/perform ing center may not be material amended without prior approval of the Commissioner's Court, the County I s participation specifically conditioned upon the construction of a conference/performing arts center capab of seating banquet between 11 ;o 4500 people d the o: a; shall beconstructed o ! x WHEREAS, on September 23, 2008, the City Council approved Resolution 092308-P wherein the developer shall commence efforts to obtain financing and related funding for the proposed development on or about September 28, 2008 and complete said efforts no later than May 31, 2009; and WHEREAS, on October 14, 2008, the City Council approved Ordinance 2008-63 amending Ordinance 2007-91 to reflect actions of the City Council and the Williamson County Commissioner's Court relating to the composition of the Board of Directors of the Zone as well as the Tax Increment Contribution; and WHEREAS, Brae Group, LTD ("Developer") is in the process of updating its concept plan, with a draft as depicted in Exhibit "A" as well as its timetables and project plan and has requested to reduce the boundaries of the Rivery Park Tax Increment Reinvestment Zone as described in Exhibit "B" (Request of Developer) to limit the scope of residential development in the Zone; and WHERES, the City Council deems it prudent to reduce the boundaries of the Rivery Park Tax Increment Reinvestment Zone; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, THAT. Section 1. Open Meetings Act, The meeting at which this ordinance was approved was in all things conducted in compliance with the Texas Open Meetings Act, Texas Government Code, Chapter 551. Section 2. Findings. The facts and recitations contained in the preamble of this ordinance `# found * d declared toband correctand are incorporated by reference herein and expressly made apart if ed verbatim, Tax Code, the boundaries of the Rivery Park Tax Increment Reinvestment Lone are herein reduced as delineated in Exhibit "C". Section Project Plan* That the Developer shall provide an update of the Project *,lan to be approved by the Zone Board of Directors as well as by the City Council, Section 5. Severability. If any provision of this ordinance or application thereof to any person . shall be held invalid, such invaliditys. not affect the other provisions, or application thereof, of this ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are hereby declared to be to attest. This Ordinance shall become effective and be in full force and effect ten (10) days on and after publication in accordance with the provisions of the Charter of the City of Georgetown. PASSED AND APPROVED on First Reading on the day of 2010. PASSE) AND APPROVED on Second Reading on the 11L day ofs � 010. ATTEST: ica Brettle, City Secretary at Rivery Park a n c w 9 4 G a' jGGG _ -e- o rs � a at Rivery Park IF 1"IMINSOM McMICHAEL & COMPANY. LLC STRATEGIC CONNECTIONS July 26, 2010 AttorneyCity Bear Sir: This letter constitutes a formal request by the property owner to remove a portion of the property included in the Rivery Park Tax Increment Reinvestment Zone (TIRZ) from that duly authorized Zone,i- of - Rivery Park -d following City Councilapproval of Ordinance 2007-91on December !! date, no development has occurred on the property, reserved�ncremental tax value has been for the TIRZ. The purpose of this request is to remove the land associated with the Brownstone Residential Development, which is currently planned for the property, in order to limit the amount of residential development to be included within the T1RZ and to return the associated property tax revenues to the City of Georgetown and the County of Williamson. With this letter, we submit Exhibits "A" and "C" which graphically depict the portion of the property to be removed per this request. if approved, this request would remove approximately 3.33 acres from the Rivery Park TiRZ, leaving approximately 23.61 privately held acres within the Zone. Typed field notes detailing the property to be removed accompany this letter. This letter and the request contained therein, along with the accompanying Exhibits, are submitted on behalf of the developers of The Summit at Rivery Park and the property owner, Brae Group, LTD. Thank you for your consideration. Respectfully Submitted, Marlene S. McMichael, { For the Developer Broe Group, LTD %Ilt South Austin Aye, Suite 102 ( Georgetown. Texas 78626 51 ".869.2059 Ph 512.869.0238 Fax McMICHAEL & COMPANY. LLC SrRATEGIC CONNECTIONS Land to be Removed froln the Rivea :pari€ TIRZ: APPROXIMATELY 5.33 ACRES DP LAND TO BE REMOVED FROM THE ORIGINAL RI -VERY PARK TIRZ OVERLAY BOUNDARY — Beginning at the Northwest corner of The Summit at Rivery Park property being adjacent to Rivery Boulevard and Rivery Park, THENCE with the common line between the said Rivery Boulevard and the herein described tract the following 3 courses and distances.- 1 istances:1. N58 deg 3 mire 52 sec W 61.2 feet 2. S86 78 deg 10 min 52 sec W 235.45 feet 3, ill 61 deg 27 min 55 sec W 251.97 feet THENCE through the herein described tract the following 9 courses and distances: THENCE along the common line between the said Rivery Park and the herein described tract the following 7 courses and distances: 1, N 11 deg 54 rein 13 sec E 142.87 feet 2. S 78 x-« 40 min 17 sec W 38,93 feet 54 sec E 179.92 feet 4. S •_. 53 min 43 sec W 41.83 feet deg 28 min 2 sec E 70.51 feet deg 47 min 48 sec W 64.52 feet 7. S 86 s-«56 54 min min 20 sec t « .> E ss y deg 45 min 2 sec W 320.03 feet s t deg 58 min 23 sec W 166.49 6 deg 9 min 59 sec E 41.47 feet d • 15 min Esec167.55 feet e • 244.18 feet THENCE along the common line between the said Rivery Park and the herein described tract the following 7 courses and distances: 1, N 11 deg 54 rein 13 sec E 142.87 feet 2. S 78 deg 5 min 48 sec E 229.96 feet 3. N 38 deg 43 mire 54 sec E 179.92 feet 4. S 3 deg 5 min 3 sec W 122.6 feet 5. S 68 deg 28 min 2 sec E 70.51 feet 6. S 77 deg 28 min 55 sec E 194.81 feet 7. S 86 deg 54 min 57 sec E 73.95 feet To the paint of BEGINNING containing 8.33 acres of land, more or less. 714 South Austin Ave. I Suite !02 1 Georgetown, Texas 7/8626 1 5121.869.2059 Ph I 512.869.0238 Fa.-,: