STRATEGIC PRIORITY: Economic Development
AGENDA DATE: August 14, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the consent to and permission for the creation of the University Hills Municipal Management District (the "District") by special act of the 85th Texas Legislature, codified in the Act, and the inclusion of property in the District, which property is within the City's corporate limits and is described more fully in the field notes attached to the Petition and the Mayor and City Secretary are hereby authorized to execute any documents necessary to effectuate this Resolution - Financing: No cost consideration to the City
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BACKGROUND
The University Hills Municipal Management District ("District") was created in 2017 under the terms and provisions of Article XVI, Section 59, and Article III, Sections 52 and 52-a of the Constitution of Texas; Chapters 372 and 375, Texas Local Government Code; and Chapter 3947, Texas Special District Local Laws Code. Centurion American Development Group (CADG) initially secured the 2017 legislation.
CADG, through an affiliated entity VM Fund I, LLC, is in the process of selling property within the District to Hoque Global (Hoque) as necessary for Hoque's planned development of University Hills, 270-acre master-planned development in southern Dallas.
City Council consent is necessary so that the temporary board of directors of the District can hold a confirmation and directors election on November 5, 2024. Pursuant to the terms and provisions of Section 3947.007 of the Act and Section 49.102 of the Texas Water Code, as amended, and the applicable provisions of the Texas Election Code, as amended, the temporary board of directors of the District is scheduled to meet and adopt an order on August 15, 2024, determining that it is appropriate to conduct a confirmation election ...
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