The board will consider an ordinance approving the Development Agreement along with attached cooperative agreements between the city, TanStone, and the TanStone Development’s related Community Improvement District (CID) and Transportation Development District (TDD). The cooperative agreements with their associated tax revenues will provide are the primary source of the revenues being used to pay for Forsythe Road and, possibly, some or all of the city’s costs for the Roark Valley Road improvements.
The Development Agreement will require TanStone to fund and construct both Forsythe Road and the Roark Valley Road improvements with the city reimbursing TanStone’s cost for the Roark Valley Road improvements, including financing costs, up to a maximum of the $1,908,610 that it is estimated the improvements will cost. The reimbursement will take place over a period of three years at a cost of $636,204 during each of the Fiscal Years 2008, 2009, and 20l0. In order to accommodate the 2008 payment, an amendment to the city’s 2008 budget is part of the ordinance. The agreement also provides that if the actual cost of the improvement is lower than the $1,908,610 estimated cost that the city will pay the lower amount.
The agreement also provides the possibility that the CID and TDD sales taxes collected within the development could also be used to reimburse the city for some or all of the costs involved with the Roark Valley Road improvements. That provision will only become operational after TanStone has received reimbursement for the initial $3,500,000 in project costs involved with the rebuilding of Forsythe Road and its other authorized public improvement costs related to the development.
During the discussion of the development agreement at the work session, the question was asked if the easement issues with Dr. Pat Rose, the property owner to the projects immediate west, had been resolved. City Attorney Paul D. Link advised the board that TanStone and Dr. Rose’s attorney, Stephen Bradford were still working on the situation. On May 23 Bradford confirmed that and said, “There has not yet been an effective resolution to the problem.”
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