Title
Public Hearing: Arborside LCRA Redevelopment Plan
Body
Issue/Request:
This is a public hearing conducted by the LCRA Board of Commissioners to formally consider the Arborside LCRA Redevelopment Plan, which is a component of the Infrastructure Financing Plan that the City and Land Reserve have jointly developed to fund the primary public infrastructure improvements for the northern approximately 1000 acres of property that is planned to be developed by Land Reserve, Inc. The Financing Plan has been developed through a joint effort between Land Reserve and City staff to fund primary public infrastructure improvements to serve this property.
Key Issues:
Consider and provide a recommendation to the City Council regarding the Arborside LCRA Redevelopment Plan as part of the long-term land-use planning and infrastructure financing for the northern approximately 1000 acres owned by Land Reserve.
Background:
On March 26, 2024, the City Council heard a presentation from City staff and representatives of Land Reserve, Inc., a Utah corporation (“LR”), regarding the development of approximately 4,203 acres of property within the City (collectively the “Property”). LR is under contract to purchase certain portions of the Property and anticipates purchasing the balance of the Property over time. After purchasing any portion of the Property, LR intends to sell such portions of the Property to third parties for usage and development.
The City Council approved Ordinance No. 9888 on April 9, 2024, which led to the execution of the Memorandum of Understanding between Suburban Land Reserve, Inc., and the City (the “MOU”). The purpose of the MOU is to coordinate for the planning, platting and zoning for development of the Property and the establishment of a financing plan for financing the construction of public infrastructure to serve development of the Property, as well as the attraction and inducement of certain private development to the Property. The Parties al...
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