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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 landscaping along the Entrada Boulevard extension and other infrastructure elements. "We ended up negotiating, putting up about $3,800,000 in cash," Dwyer said, and asked council to approve an amendment that would reimburse approximately $300,000 already spent on enhanced landscaping and allow up to $500,000 to be spent from the deposit for priority items.
Veronica Rivera, the city's assistant city attorney, and city staff said the amendment had been reviewed by bond advisers and legal counsel and that staff would work with the PID committee to set the council's priority list of enhancements.
Council members raised two implementation issues before the vote: ensuring the city's naming conventions avoid tentative names appearing publicly and adding a process to prioritize the nine enhancement items tied to the deposit agreement. Councilwoman Wallace moved to approve the amendment with those conditions; the motion was seconded and passed on voice vote.
Pete Dwyer added the developer is prepared to pay for certain items such as historical markers and entry monumentation and said the developer welcomes continued coordination with city staff on naming, priorities and timing.
Council and staff said the next steps include clarifying the priority list, confirming administrative review steps with the finance and bond advisers, and documenting the reimbursement process. The amendment does not change the existence of PID bonds; it adjusts how deposited cash can be used to complete enhancements the council has identified as priorities.
