Title
Presentation: Financing Plan for the Northern Land Reserve Property
Body
Issue/Request:
This is a presentation to the LCRA Board of Commissioners to introduce the Board to the financing plan that City staff and the Land Reserve team discussed with the City Council in 2025 and have been working on since that time. The financing plan is being developed through a joint effort between Land Reserve, Inc., and City staff to fund primary public infrastructure improvements to serve the northern approximately 1000 acres of property in the north part of the City.
Key Issues:
Long-term land-use planning and infrastructure financing for the northern approximately 1000 acres of Land Reserve property in the northern part of the City.
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 also seek to coordinate for the acquisition of portions of the Property for public institutional uses by the City and other governmental entities as the Property develops over...
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