Consider action to adopt a resolution authorizing the Mayor to execute a Letter of Credit Agreement between the City of Rowlett, Texas, and 2799 BP SINGLETON LLC. Consider action to adopt a resolution authorizing the Mayor to execute a Letter of Credit Agreement between the City of Rowlett, Texas, and 2799 BP SINGLETON LLC in the amount of $477,268.84 as financial guaranty to secure the installati

Staff Report & Agenda Item Details

The purpose of this item is to consider a Letter of Credit Agreement with 2799 BP SINGLETON LLC that will guarantee the installation of public improvements to serve Bleecker Industrial. 2799 BP SINGLETON LLC would like to Final Plat the property prior to completing all the required public improvements. The Rowlett Development Code (RDC), Section §77-604.C.8 allows the developer to enter into an agreement with the City to deposit a financial guaranty in the form of a Irrevocable Letter of Credit that secures the construction of required public improvements prior to approving and recording a Final Plat. The purpose of this Letter of Credit Agreement is to secure specific public improvements that the developer would like to install after the final plat is recorded.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 4.6/10). 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).