14 - Action on Disannexation Petition - located on CR 22500

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currently in the city limits. A copy of the proposed agreement is attached as Exhibit C to the proposed ordinance disannexing the property. Nexus advises that it has entered in to and agreement with Chisum ISD under Chapter 313 of the Texas Tax Code that "will provide more than $23 million dollars to Chisum ISD over the next 35 years, and nearly $11 million in the first 10 years," and that development of the project and payments to the school district will be delayed by two years should the city deny the disannexation petition. It is very likely that the solar project will move forward even if City Council denies the petition, although it may be redesigned to eliminate those portions that are on land currently within the city limits. Given that current state law strongly disfavors annexation, once this property is disannexed, it would be very difficut and quite unlikely to ever be able to re -annex it. BUDGET: The requested disannexation would deprive the City of the property tax revenue for the disannexed property; however, the developer is interested in entering into an agreement to mitigate the loss as described above. OPTIONS: 1. Discuss and act on an ordinance disannexing the property and approving the disannexation agreement with disannexation becoming effective as of the date that the agreement is executed by the Nexus. 2. Discuss and act on a resolution making findings of fact and denying the petition of disannexation as to portions LCAD Parcels 71112, 71113, 70422, and 70423, located on County Road 22500 and comprising approximately 170 acres.