HomeMy WebLinkAboutRes 2023-08-1530 Minimum Value to Lien Ration- Woods at Linsey Place Subdivision Improvement AgreementCITY OF ANNA, TEXAS
RESOLUTION NO. 20 9- 3- O 8— 1 5 30
A RESOLUTION OF THE CITY OF ANNA, TEXAS APPROVING A LIEN TO VALUE
RATIO WITH RESPECT TO FIRST AMENDMENT TO THE WOODS AT LINDSEY
PLACE SUBDIVISION IMPROVEMENT AGREEMENT
WHEREAS, the City of Anna, Texas (the "City") entered into that certain First Amendment to
Development Agreement and to the Woods at Lindsey Place Subdivision Improvement
Agreement with D. R. Horton — Texas, Ltd., (the "Developer") having an Effective Date of
on or about January 24, 2023 (the "Development Agreement"); and
WHEREAS, the Development Agreement allows for the City to issue PID Bonds and
establishes a minimum value to lien ratio of 3:1 unless the Council approves a lower ratio;
and
WHEREAS, the City Council desires to establish a minimum value to lien ratio as set forth
in this resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ANNA, TEXAS THAT:
Section 1. Recitals Incorporated.
The recitals above are incorporated herein as if set forth in full for all purposes.
Section 2. Approval
The City Council of the City of Anna, Texas, pursuant to Section 19(a)(30) of the
Development Agreement, as amended, hereby approves a minimum value to lien ratio of
I.e.
PASSED by the City Council of the City of Anna, Texas, on this 22nd day of August 2023.