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Developer to be reimbursed for Entrada Glen enhancements after council approves deposit-agreement amendment
Summary
Manor City Council approved a first amendment to a deposit agreement for the Entrada Glen PID that allows reimbursement for roughly $300,000 already spent on enhanced landscaping and authorizes up to $500,000 to be spent from deposited cash to complete priority enhancements; the developer said about $3.8 million remains on deposit for project enhancements.
Manor City Council on Dec. 18 approved the first amendment to a deposit agreement with the developer of the Entrada Glen public improvement district (PID), clearing the way for portions of already-completed enhancements to be reimbursed and for funds on deposit to be used for priority construction.
Pete Dwyer, representing the developer team, told the council that negotiations produced roughly $3.8 million in cash and letters of credit under the deposit agreement to secure planned enhancements such as…
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