Laserfiche WebLink
Memorandum <br />Item No. 16 <br />TO: Mayor, Mayor Pro Tem, and Members of the City Council <br />Rose Beverly, City Manager <br />FROM: Stephanie H. Harris, City Attorney <br />SUBJECT: Resolution approving Professional Services Reimbursement Agreement with Lone <br />Star Planned Developments, LLC regarding TIRZ No. 2 (Forestbrook Boulevard) <br />DATE: April 27, 2026 <br />BACKGROUND: On December 8, 2025, City Council created the City of Paris Tax Increment <br />Refinancing Zone No. 2 ("TIRZ No. 2") for the purposes of constructing a major thoroughfare <br />(Forestbrook Boulevard) through the property surrounding the Forestbrook Estates residential <br />subdivision. While the City staff and the developer continue to negotiate a development agreement <br />for construction of the street, staff have have found it necessary to retain consultants, including <br />Mark McLiney of Samco Capital, P3, and our bond council, Chris Settle, to advise on finalizing <br />the finance and project plans and to assist in making revenue projections for the TIRZ. <br />STATUS OF ISSUE: To that end, the developer has agreed to the terms of the Professional <br />Services Reimbursement Agreement (the "Agreement") by which he will deposit the sum of <br />$25,000.00 to reimburse the City for the fees associated with retaining the consultants. The <br />agreement provides that developer will "top up" the fund should it drop below a certain point, and <br />that all unused funds will be returned to the developer. <br />BUDGET: N/A. The funds will be used to reimburse the City for the amounts expended on creating <br />and setting up the TIRZ. <br />RECOMMENDATION: Move to approve a resolution approving the Professional Services <br />Reimbursement Agreement for fees for professional services relating to TIRZ No. 2. <br />