TOWN STAFF REPORT RECCOMENDATIONS
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Consider approving Resolution 23-62 authorizing an Engagement Letter with McCall Parkhurst & Horton for Public Improvement District Review; and take appropriate action (Wade Carroll, Town Manager)
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STAFF: Wade Carroll, Town Manager
BACKGROUND:
In July and August of 2023, Town Council met in joint sessions with the Planning and Zoning Commission to discuss avenues to aid the Entrada Development in moving forward. In our July session the Town Manager was tasked with working with our Bond Counsel for the PID to identify bond holders. The Town Manager made the request of Rudy Segura of McCall, Parkhurst & Horton to complete the study.
DISCUSSION:
The attached letter of engagement from McCall Parkhurst & Horton L.L.P. is for services related they will and have performed as the Town's Bond Counsel for to meet the requests provided and within the scope of work within the agreement letter. All fees and expenses incurred will be paid for by the Town initially and then be reimbursed to the Twon from the special assessments levied against the PID. Bond Counsel has already put hours into this matter since the initial default back in March but the agreement allows counsel to bill the Town for work since August 1, 2023. The work completed since August 1, 2023 totals 4 hours at a rate of $600.00/hour for a total of $2400, and are paid out of the Administrative funds within the Entrada PID as would future requested work. Our Bond Attorney stated that nothing like this scenario has happened in Texas before so there could be significant work to be done however, how much we need bond Counsel is yet to be determined.
FISCAL IMPACT:
All fees are to be paid out of the administrative funds collected from the PID. Only initial payment of services provided will be billed to the Town of Westlake. All payments are to be reimbursed to the Town from the special assessment levied against the PID.
STAFF RECOMMENDATION:
Staff reco...
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