Under an Economic Development Program Agreement (Agreement) between the City and Wal-Mart Stores, Texas, LLC (Wal-Mart) (City Secretary Contract No.46623, as amended by City Secretary Contract No. 46623-A1), Wal-Mart is required to expend at least $13 million to complete a 182,000 square foot SuperCenter as well as road improvements to Park Vista Boulevard (Phase I). In addition, Wal-Mart is also required to expend at least $3 million to complete at least 12,000 square feet of commercial and/or retail shell space on the property (Phase II). In return, the City will pay Wal-Mart certain Economic Development Program grants, as authorized by Chapter 380, Texas Local Government Code. Under the Agreement, the deadline for completion of Phase I was December 31, 2016, but under City Secretary Contract No. 46623-A1, that deadline was extended for successive 30-day periods until the City had completed necessary right-of-way acquisitions and design changes. Specifically, the City added roundabouts in the design specifications to be located on Park Vista Boulevard at its intersections with Keller-Hicks Road, Golden Triangle Boulevard and Ray White Road. Park Vista Boulevard will be four lanes as it nears the intersections of Keller-Hicks Road and Golden Triangle Boulevard. It will then transition back down to a two lane section between Keller Hicks Road and Golden Triangle Boulevard and Golden Triangle Boulevard and Ray White Road. The deadline for completion of Phase II is three years after the final Phase I completion deadline.
On December 13, 2016, Mayor and Council Communication (M&C C-28029), City Council authorized the execution of a Community Facilities Agreement with Wal-Mart Real Estate Business Trust in the amount of $16,112,388.00 for the construction of Park Vista Boulevard from Keller Hicks Road to Ray White Road, with City participation in the amount of $294,600.00 for increasing the height of the Park Vista Road bridge and installations of a 48-inch water casing. The project includes a bridge over Big Bear Creek to the south of Golden Triangle Boulevard.
Until these design elements were finalized, Wal-Mart was unable to proceed with construction of its project. Now that all designs have been finalized and all necessary rights-of-way have been acquired, the parties wish to amend the Economic Development Program Agreement in order to provide for hard deadlines for completion of both Phase I and Phase II. In order to be consistent with the associated executed Community Facilities Agreement, City staff recommends the Economic Development Program Agreement be amended to reflect a Phase I Completion Deadline of February 28, 2019 and a Phase II Completion Deadline of February 28, 2022. The project is located in COUNCIL DISTRICT 7, Mapsco 22Q and 22R. |
