HomeMy WebLinkAboutRivery_Park_TIRZ_Board_Agenda_3_5_2014_623Notice of Meeting for the
Rivery Park TIRZ Board
of the City of Georgetown
March 5, 2014 at 3:30 PM
at GMC Williamson Room, located at 300-1 Industrial Avenue, Georgetown, Texas
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Regular Session
(This Regular Session may, at any time, be recessed to convene an Executive Session for any purpose
authorized by the Open Meetings Act, Texas Government Code 551.)
A Consideration and possible action to approve the Master Development Agreement relating to the Rivery
Park Tax Increment Reinvestment Zone -- Bridget Chapman, Special Counsel to the Board
CERTIFICATE OF POSTING
I, Jessica Brettle, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of
Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times,
on the ______ day of __________________, 2014, at __________, and remained so posted for at least 72
continuous hours preceding the scheduled time of said meeting.
____________________________________
Jessica Brettle, City Secretary
City of Georgetown, Texas
SUBJECT:
Consideration and possible action to approve the Master Development Agreement relating to the Rivery
Park Tax Increment Reinvestment Zone -- Bridget Chapman, Special Counsel to the Board
ITEM SUMMARY:
The City and the Developer (Novak Brothers, LLC and Hines Georgetown Hotel LLC) have executed The
Summit At Rivery Park Master Development Agreement (MDA) to accomplish construction and
development of The Summit At Rivery Park Project in accordance with the Second Amended TIRZ
Project Plan and Financing Plan, previously approved by this TIRZ Board.
This TIRZ Board also previously approved the Reimbursement, Debt Administration, and Project
Contract to confirm reimbursement from the TIRZ of the Project funding contributions from the City, the
Georgetown Economic Development Corporation, and the Georgetown Transportation Enhancement
Corporation.
The MDA includes the terms and conditions under which the Developer may be reimbursed from the
TIRZ for Eligible Costs in an amount not to exceed $3.5 million for construction of public improvements
included in the TIRZ Plan. This TIRZ Board's approval of the MDA is required to confirm that the
Developer will be reimbursed as provided in the MDA.
FINANCIAL IMPACT:
SUBMITTED BY:
ATTACHMENTS:
Description Type
The Summit at Rivery Park Master Development Agreement Backup Material