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Hitchcock council approves amended financing and PID terms for Gulf Breeze development
Summary
The city approved an amended alternate financing agreement and a public improvement district (PID) development and reimbursement agreement for the Gulf Breeze/Windy Hill project, increasing the planned homes from 700 to 706 and authorizing steps toward PID bonds and impact-fee reimbursement.
City of Hitchcock leaders on Monday approved updated financing and public-improvement agreements to advance construction of the Gulf Breeze (Windy Hill) residential development.
City staff and the developer presented an amended and restated alternate financing agreement that revises terms of a 2023 deal, adds specific development requirements, and adjusts the planned number of homes from 700 to 706. A companion public improvement district development agreement and a reimbursement agreement outline how the developer will build necessary on-site and off-site water and wastewater facilities and be eligible for credits and reimbursements against impact fees.
"The amended restated agreement updates the terms of the alternate finance agreement approved by city council on 02/20/2023, and it includes establishing specific development requirements for the development, revising the number of proposed homes from 700 to 706," a city/developer representative said during the meeting.
Bond counsel described the next administrative and financing steps to deliver PID bonds and set assessments. "Going forward, the next probably somewhere between 2 and 6 months, we have a lot of work to do. We have to work on bond documents to issue PID bonds," counsel said, adding the city will see a service-and-assessment plan, an assessment order and, eventually, bond documents returned to council for approval.
Councilors asked about traffic improvements tied to the development. Staff said a traffic signal and turning lanes are planned and would be installed "when a hundred homes are built." Counsel and the developer projected civil work and roads could begin shortly after bonds are delivered, with home construction expected to follow; the team said they hope to be "under construction" by late second quarter or midyear.
The agreements also set mechanics for reimbursements, including a 10-year termination on reimbursement obligations and eligibility conditions that require the city to accept the constructed facilities before payments are made. Council approved the documents by voice vote.
The council did not vote on the PID bonds themselves; those documents and an assessment plan will return to the council for separate approval in coming months.
