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Commission approves infrastructure development agreement tied to Suerte Group land donation
Summary
The commission approved an infrastructure development agreement permitting public-infrastructure extensions along Suerte Drive tied to prior land donation; staff reported $61,580 in assessments, a city credit, a $1,000,000 cap on corridor assessments and required surety (cash bond or letter of credit).
The Hobbs City Commission approved a development agreement enabling public infrastructure extensions tied to a subdivision adjacent to land earlier donated by the Suerte Group. Assistant City Manager Todd Randall briefed commissioners on assessments, credits, surety requirements and the corridor cap established in the original agreement.
Randall said approximately 105 linear feet of Suerte Street remains undeveloped, producing total assessments for water, sewer and roadways of $61,580. Because the city owns the adjacent drainage pond property, a city credit reduces the developer's assessment; on closing and plat creation the city would receive roughly $48,455 after the credit and the developer would post either a cash bond or a letter of credit for $17,500 to guarantee improvements. Randall also noted the original agreement capped total corridor assessments at $1,000,000.
Commission discussion noted the historical context of the land donation as a catalyst for development; Commissioners moved and then approved the agreement by recorded vote.
Staff said the surety will be required to assure that the remaining public-infrastructure improvements are completed before final approval of the subdivision.
