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Sugar Land Council authorizes development corporation agreements to fund Imperial Historic District acquisition and restoration
Summary
The council approved resolutions authorizing agreements with the Sugar Land Development Corporation and the Sugar Land 4B Corporation to commit up to 50% of debt service toward a $50 million certificate of obligation for acquisition and site improvements in the Imperial Historic District; both votes were unanimous, 6–0.
The Sugar Land City Council voted unanimously to authorize two agreements that commit local development corporations to share in debt service for a proposed $50 million certificate of obligation to acquire and rehabilitate the Imperial Historic District.
Devin Rodriguez, the city's Director of Redevelopment, told the council the city announced plans in February to pursue acquisition of the Imperial Historic District and surrounding parcels and that staff has since refined budgets and preservation priorities. "Some of the preservation priorities as we've dug back into those studies ... are the roof, all of the windows ... the stabilization of the liquor gallery ... brick restoration ... and then mechanical, electrical improvements," Rodriguez said.
Rodriguez said the proposed certificate of obligation budget includes contingency and that the Sugar Land Development Corporation (4A) and Sugar Land 4B Corporation would each commit to pay an amount not to exceed 50% of the debt service under separate agreements. Rodriguez also displayed capacity charts showing that sales and use tax receipts feed the 4A and 4B fund balances and that annual receipts are about $7–8 million in each account.
Councilmembers moved and seconded resolutions that authorize (1) an agreement with the Sugar Land Development Corporation regarding site improvements in the Imperial Historic District and (2) a related agreement with the Sugar Land 4B Corporation for restoration and improvements of historic structures. Both motions passed 6–0 by hand vote.
City staff said both corporation agreements require the city to provide the corporations a principal and interest payment schedule within 15 days of selling the certificate and that the agreements commit the corporations to up to half the debt service. Rodriguez also noted hotel occupancy tax could be considered as an additional capacity source in future analyses but is not part of the agreements before council tonight.
The council's action follows matching public actions earlier that day by the Sugar Land Development Corporation and the Sugar Land 4B board, including required public notices and hearings under 4B statute. Staff said contingencies were included in project line items and that preservation of the historic Char House is a major priority for the project moving forward.
Next steps: staff indicated the finalized CO schedule and related agreements will be processed and the project will proceed through the city's financing steps; council did not adopt a construction contract or detailed restoration scope at this meeting.
