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Council approves development-agreement framework with Megatel; staff to finalize PID/TIRZ language
Summary
Caddo Mills council authorized the City Manager to execute a development agreement with Megatel pending final sign-offs; consultant Mary Petty explained adjustments to PID/TIRZ language including an example buy-down of an assessment from $1,000 to $850 to reflect market constraints.
After more than two years of negotiations, the Caddo Mills City Council authorized the City Manager to execute a development agreement with developer Megatel pending final legal and professional sign-offs. City Manager Matt McMahan said the remaining work is to ensure the written agreement matches the terms discussed and approved by council.
Mary Petty of P3 Works explained a change to the TIRZ agreement regarding PID assessments, using an example that a $1,000 assessment might be bought down to $850 to align with market constraints while the developer pursues reimbursement for eligible infrastructure costs. "The PID assessment is placed on the property and each lot gets a PID assessment and it might be $1,000. The developer needs to buy the assessment down to $850 because of market constraints," Petty said. Council voted unanimously to adopt the resolution authorizing the manager to execute the agreement after final sign-offs.
