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During its Jan. 26 meeting, the Shavano Park City Council was briefed on two 1604 Public Improvement District ordinances, which would establish a reimbursement agreement and a development agreement between the city and developers Bitterblue.
The setup: Curtis Leeth, assistant city manager, said the reimbursement agreement would create three additional Public Improvement District, or PID, funds, while the development agreement defines what the developer must build as part of the public improvement district.
The reimbursement agreement sets the rules for reimbursing the developers and creates three new PID funds. It will also define how the developers will be paid.
In the development agreement, the city clarifies what Bitterblue must build as part of the public improvement district.
Looking ahead: The ordinances will be brought back to city council in February after Bitterblue has formed its new ownership entity that will own development assets in the 1604 Public Improvement District.
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