Consider and take appropriate action on an economic development agreement between the City and Georgetown KF, Ltd. for grant reimbursement pursuant to development agreements between the City of Kaufman, Texas, and Georgetown KF related to the Georgetown at Kings Fort development; and authorize the Mayor to execute necessary documents.

Staff Report & Agenda Item Details

The City of Kaufman and Georgetown KF, Ltd. are considering entering into an economic development agreement related to the Georgetown at Kings Fort development. Under this agreement, the developer may be reimbursed for certain infrastructure costs through economic development grants. The grants will be funded by fees paid in connection with the development, including park and recreation fees and roadway, water, and wastewater impact fees collected within the TIRZ, in accordance with Texas law. These fees are deposited into a Fee Payment Credit Fund. Money collected in the Fee Payment Credit Fund will be paid to the developer as grants to reimburse costs associated with the Main Road Improvements. Any reimbursement paid from this fund will reduce, dollar-for-dollar, the amount the developer is otherwise eligible to receive from TIRZ reimbursements for those same road improvements.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 7.5/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).