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Presentation Regarding Request to Extend the Reunion Sales and Use Tax Reimbursement Agreement
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Summary and Background Information:
In 2001, the City entered into an agreement with Shea Homes, Fulenwider, Buffalo Hills Ranch, LLC, and Potomac, LLC to consolidate eight previous agreements that were primarily annexation agreements. Then in 2003 the City entered into an intergovernmental agreement with the Reunion Metropolitan District (“Reunion”) based on and supplementing the 2001 agreement.
The 2003 agreement focused on sharing sales and use tax revenue and building permit revenue generated by development within the Reunion boundaries. The purpose was to reimburse Reunion for building public improvements that the City was responsible to build. The revenue share was set at 33% of 3% sales and use tax and 33% of building permit fees. Road impact fees were to be credited to Reunion instead of the land owners. The IGA has a 20 year life that expires on January 1, 2022.
Oakwood Homes has taken over as the master developer from Shea. Representatives of Oakwood/Reunion have requested that the revenue sharing agreement be extended. The City staff need your direction on whether or not to negotiate the terms for an extension of the agreement.
The projects proposed to be funded by the extension of the agreement include:
Transportation Project Engineer’s Estimate (‘20 $)
Chambers Road / North of 104th $ 15,670,000
112th Avenue Phase 3 $ 15,500,000
High Plains Parkway $ 14,410,000
Potomac Parkway $ 12,625,000
96th Avenue $ 15,600,000
112th Avenue Phase 2 $ 9,200,000
Chambers Road / South of 104th $ 4,567,000
Landmark Drive $ 6,530,000
First Creek Bridge at 96th Avenue $ 4,400,000
112th Avenue Phase 4 $ 5,100,000
Sub-Total Transportation $ 103,602,000
Drainage Project
Second Creek North Outfall Channel Phase 2.1 $ 12,610,000
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