Coversheet

Item Coversheet


City of Georgetown, Texas City Council Regular Meeting October 8, 2019


SUBJECT: Consideration and possible action to approve a Resolution of the City Council of Georgetown Texas approving the Second Amended and Restated Consent Agreement between the City of Georgetown, Laredo W.O., Ltd., HM Parkside, LP, HM CR 176-2243, L.P., Williamson County Municipal Utility District No. 25, and, upon their creation, Parkside on the River Municipal Utility District No. 1 and the Additional District consisting of approximately 1,210 acres generally situated south of SH 29 at Water Oak Parkway and north of RM 2243/Leander Road between the Preserve Subdivision and the River Ridge Subdivision, and also including an approximately 62 acre tract located south of RM 2243 and west side of CR 176 -- Wayne Reed, Assistant City Manager


ITEM SUMMARY: Council is being asked to take action on a resolution concerning the Second Amended and Restated Consent Agreement. The existing 2012 Amended and Restated Consent Agreement is being amended and restated to address the fact that the Water Oak Subdivision and Parkside on the River Subdivision will be developed by different developers; to modify several financial terms; to grant Council approval for WCMUD No. 25 to annex additional land into its boundaries so the Primary Owner or Affiliated LP can commence development of that land under existing WCMUD No. 25; and to grant Council approval for commencing the City’s deannexation process as to those portions of the land owned by Primary Owner or Affiliated LP that is currently within the City limits.


FINANCIAL IMPACT: There is no financial impact to the City by approving the Second Amended and Restated Consent Agreement. Financial Terms proposed in the Second Amended and Restated Consent Agreement for Williamson County MUD #25 (WCMUD #25), the proposed Parkside on the River MUD No. 1, and the Additional District: District Only Tax Rate (Maximum): $0.92/$100 assessed valuation Maximum Maturity of Bonds: 30 years from the date of issuance for any one series of bonds, excluding refunding Bonds. Refunding of Bonds: The issuing District shall reserve the right to redeem Bonds at any time beginning not later than the tenth (10th) anniversary of the date of issuance, without premium. No variable rate Bonds shall be issued by a District. Maximum Issuance Period between First and Last Bonds: The latest Bond issuance date for WCMUD No. 25 shall be the date that is fifteen (15) years after the date of the First Bond Issuance Date, the latest Bond issuance date for POR MUD No. 1 shall be the date that is fifteen (15) years after the date of first Bond issuance by POR MUD No. 1 and the latest Bond issuance date for the Additional District shall be the date that is fifteen (15) years after the date of first Bond issuance by the Additional District. Reimbursement Agreements: WCMUD No. 25 agrees not to issue Bonds, except for refunding Bonds, on or after the date that is fifteen (15) years after the First Bond Issuance Date. POR MUD No. 1 and the Additional District each agree not to issue Bonds, except for refunding Bonds, on or after the date that is fifteen (15) years after the date of first Bond issuance by each of them, respectively. Facilities Bonds may be issued to Finance: Water, Wastewater, Storm Drainage, Roads, Bridge, Recreational Facilities, and Refunding Bonds FINANCIAL IMPACT: There is no financial impact to the City by approving the Second Amended and Restated Consent Agreement. Financial Terms proposed in the Second Amended and Restated Consent Agreement for Williamson County MUD #25 (WCMUD #25), the proposed Parkside on the River MUD No. 1, and the Additional District: District Only Tax Rate (Maximum): $0.92/$100 assessed valuation Maximum Maturity of Bonds: 30 years from the date of issuance for any one series of bonds, excluding refunding Bonds. Refunding of Bonds: The issuing District shall reserve the right to redeem Bonds at any time beginning not later than the tenth (10th) anniversary of the date of issuance, without premium. No variable rate Bonds shall be issued by a District. Maximum Issuance Period between First and Last Bonds: The latest Bond issuance date for WCMUD No. 25 shall be the date that is fifteen (15) years after the date of the First Bond Issuance Date, the latest Bond issuance date for POR MUD No. 1 shall be the date that is fifteen (15) years after the date of first Bond issuance by POR MUD No. 1 and the latest Bond issuance date for the Additional District shall be the date that is fifteen (15) years after the date of first Bond issuance by the Additional District. Reimbursement Agreements: WCMUD No. 25 agrees not to issue Bonds, except for refunding Bonds, on or after the date that is fifteen (15) years after the First Bond Issuance Date. POR MUD No. 1 and the Additional District each agree not to issue Bonds, except for refunding Bonds, on or after the date that is fifteen (15) years after the date of first Bond issuance by each of them, respectively. Facilities Bonds may be issued to Finance: Water, Wastewater, Storm Drainage, Roads, Bridge, Recreational Facilities, and Refunding Bonds FINANCIAL IMPACT: There is no financial impact to the City by approving the Second Amended and Restated Consent Agreement. Financial Terms proposed in the Second Amended and Restated Consent Agreement for Williamson County MUD #25 (WCMUD #25), the proposed Parkside on the River MUD No. 1, and the Additional District: District Only Tax Rate (Maximum): $0.92/$100 assessed valuation Maximum Maturity of Bonds: 30 years from the date of issuance for any one series of bonds, excluding refunding Bonds. Refunding of Bonds: The issuing District shall reserve the right to redeem Bonds at any time beginning not later than the tenth (10th) anniversary of the date of issuance, without premium. No variable rate Bonds shall be issued by a District. Maximum Issuance Period between First and Last Bonds: The latest Bond issuance date for WCMUD No. 25 shall be the date that is fifteen (15) years after the date of the First Bond Issuance Date, the latest Bond issuance date for POR MUD No. 1 shall be the date that is fifteen (15) years after the date of first Bond issuance by POR MUD No. 1 and the latest Bond issuance date for the Additional District shall be the date that is fifteen (15) years after the date of first Bond issuance by the Additional District. Reimbursement Agreements: WCMUD No. 25 agrees not to issue Bonds, except for refunding Bonds, on or after the date that is fifteen (15) years after the First Bond Issuance Date. POR MUD No. 1 and the Additional District each agree not to issue Bonds, except for refunding Bonds, on or after the date that is fifteen (15) years after the date of first Bond issuance by each of them, respectively. Facilities Bonds may be issued to Finance: Water, Wastewater, Storm Drainage, Roads, Bridge, Recreational Facilities, and Refunding Bonds


SUBMITTED BY: Wayne Reed, Assistant City Manager

ATTACHMENTS:

Description

Resolution #10082019-N