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Council directs staff to draft Treviso MUD amendment to remove bond cap, broaden eligible reimbursements
Summary
Council reviewed a developer-requested third amendment to Treviso MUD facilities agreements that would remove the existing bond-sales cap, broaden allowable use of proceeds under TCEQ limits, reimburse previously constructed local roads, and change issuance/maturity terms; council asked staff to return with draft amendments and safeguards.
City staff and representatives of Taylor Morrison described a proposed third amendment to the Treviso MUD facilities agreements that would remove the existing cap on total bond sales (about $220 million under the current agreements) and broaden the range of eligible reimbursements consistent with Texas Commission on Environmental Quality (TCEQ) rules.
Staff said the change reflects real costs that have exceeded the 2012 pro forma: longer timelines and higher construction, materials and labor costs. According to the staff presentation, the current facilities agreements show construction costs already incurred of about…
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