EDC amends 4A CIP to add $6 million land bank item and approves $6.75M reimbursement resolution

Randy Morrison, the city’s director of capital engineering, presented a proposed amendment to the 4A five‑year capital improvement plan for fiscal years 2026–2030 to add a land bank item at Hidden Creek Parkway and I‑35 for $6,000,000.

“...we're proposing amending the c I p, to include 1 additional item for f y 26 and that is a land bank item at Hidden Creek Parkway in I‑35, for an additional $6,000,000 bringing the f y 26 allocations to a total of $11,000,000,” Morrison said, summarizing the amendment and recapping prior budget and council ratifications earlier in the process.

After the board approved the CIP amendment by unanimous vote, Kevin Hennessy presented a related reimbursement resolution. Hennessy described the measure as an intent to reimburse up to $6,750,000 for capital expenditures and issuance costs associated with the land bank project and related items. “The city anticipates issuing this debt with, all the other planned bond issuances in August 2026,” Hennessy said, and he emphasized the resolution is not authorization to issue bonds but is a procedural step to preserve reimbursement eligibility.

A board member moved and the board unanimously approved the reimbursement resolution. Staff noted the resolution connects to the CIP amendment and that demolition work ($350,000) is being planned to be cash funded; if funding plans change staff will return with a budget amendment.

The board concluded with no executive session and adjourned at 04:37.