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Council approves reimbursement agreement for Fox Landing PID with Oak National Development
Summary
Caddo Mills authorized a reimbursement agreement with Oak National Development for Fox Landing Public Improvement District, under which the developer fronts certain improvements and will be reimbursed per the agreement; the measure passed unanimously.
The Caddo Mills City Council voted Feb. 11 to authorize the mayor to execute a reimbursement agreement between the city and Oak National Development, LLC for the Fox Landing Public Improvement District.
City Attorney Susan Thomas explained the agreement sets terms for how a developer will be reimbursed after funding public improvements up front. "This was between the City and the developer, who was going to fund certain improvements up front," Thomas said. Mayor Pro Tem John Verity moved to approve the execution of the reimbursement agreement; Council Member Justin Poppelreiter seconded and the motion passed unanimously.
The agreement formalizes reimbursement timing and conditions; the transcript does not specify dollar amounts, schedules or the precise improvements to be reimbursed. Staff will file the executed agreement in city records once returned by the mayor.
