Agenda Information Sheet
DEPARTMENT: Economic Development
DCM: Bryan Langley
Date: March 28, 2017
SUBJECT
Title
Receive a report, hold a discussion, and give staff direction regarding a Fourth Amendment to an Economic Development Program Grant Agreement with Allegiance Hillview, L.P. for the Rayzor Ranch development.
Body
BACKGROUND
RED Development has requested a Fourth Amendment to its Economic Development Program Grant Agreement to extend its deadline to meet 300,000 square feet of retail and commercial space in the Rayzor Ranch Town Center from January 1, 2018, to April 1, 2018.
Additionally, if at least 270,000 square feet have received a certificate of occupancy or have a foundation certified by the City of Denton by April 1, the date may be extended to July 1, 2018, upon completion of a certificate of compliance with supporting documentation by RED Development and verification of compliance by the City Manager of his designee.
The request is for a total extension of 6 months, and the deadline may not extend beyond July 1, 2018.
According to the request letter from DB Denton II (RED Development), the extension will allow time to finish the City's design, permitting, and platting process for the projects currently in progress. The letter estimates the construction duration to be between 11-12 months, barring unforeseen circumstances.
As of March 20, 227,582 square feet of retail and commercial space has either been issued a certificate of occupancy or is under construction, which represents 75% of the 300,000 square foot threshold. More than 81,000 additional square feet were approved by the Planning and Zoning Commission in January 2017, including:
* Alamo Draft House - 44,052 square feet; second revisions to the plans were submitted to Development Services on March 9
* Rooms to Go - 39,120 square feet; fourth revisions to the plans were submitted on March 3
as outlined in Table 1 belowstructure Improvements on the Property located on the s...
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