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BUDGET: The requested disannexation would deprive the City of the property tax revenue for <br />the disannexed property; however, the developer is interested in entering into an agreement to <br />mitigate the loss as described above. <br />OPTIONS: 1. Discuss and act on a resolution stating the intent of city council to institute <br />disannexation procedings on LCAD Parcels 71112, 71113, 70422, and 70423, <br />located on County Road 22500 and comprising approximately 291 acres and <br />provide direction to staff as to next steps. Authorizing disannexation procedures <br />does not obligate council to ultimately disannex the parcels. <br />2. Discuss and act on a resolution making findings of fact and denying the petition <br />of disannexation as to LCAD Parcels 71112, 71113, 70422, and 70423, located on <br />County Road 22500 and comprising approximately 291 acres. <br />RECOMMENDATION: Because the city's annexation/disannexation policy would seem to <br />dictate that council at least consider the petition, staff recommends that council choose and act on <br />the resolution described in Option No. 1 with the understanding that council may ultimately choose <br />not to approve an ordinance of disannexation. Moreover, since the developer hopes to break <br />ground in 2024 and the disannexation calendar stretches to 77 days, instituting proceedings at this <br />time would allow staff to negotiate with developer and bring back either a recommendation to <br />approve or to deny the disannexation ordinance accompanied by an appropriate development <br />agreement. <br />