SUBJECT: Acceptance of a Petition to Annex into Community Facilities District (CFD) No. 2003-2 (Services) and Approval of a Deposit and Reimbursement Agreement with 59 Petroleum, LLC REPORT IN BRIEF Considers accepting the petition to annex into CFD No. 2003-2 (Services) from 59 Petroleum, LLC, and approve a deposit and reimbursement agreement for the costs of annexing into the CFD for the commercial development generally located at the northwest corner of North Hwy 59 and Santa Fe Drive. RECOMMENDATION City Council - Adopt a motion: A. Accepting the petition to annex from 59 Petroleum, LLC, for annexation into Community Facilities District (CFD) No. 2003-2 (Services); and, B. Approving the deposit and reimbursement agreement, increasing revenue account in the amount of $25,000 and appropriating the same in Fund 150 to reimburse the City for the cost of Community Facilities District formation and related expenditures; and, C. Authorizing the City Manager or the Assistant City Manager to execute the Agreements.

What this record is

Held by

Petroleum, LLC

Amount

$25K

Runs until

no end date published in this record

Type

contract

Read automatically from the title of the official record. The source document below is authoritative.

Committee

City Council/Public Finance and Economic Development Authority/Parking Authority

Introduced

February 11, 2020

On agenda

March 2, 2020

Passed

March 2, 2020