14 - Action on Disannexation Petition - located on CR 22500

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