Description
Title: Authorize negotiation and execution of a cost participation agreement with Vanterra Capital Group, LLC for the City to reimburse the developer an amount not to exceed $709,430 for design and construction costs associated with oversizing a water main and appurtenances related to Service Extension Request No. 6398 that will provide water service to a proposed mixed-use development located in the City’s extraterritorial jurisdiction south of Killingsworth Lane, west of Cameron Road, and north of Howard Lane. Funding: $709,430 is available in the Fiscal Year 2025-2026 Capital Budget of Austin Wate
Summary
The City of Austin is considering a cost participation agreement with Vanterra Capital Group, LLC, to reimburse the developer up to $709,430 for the design and construction of an oversized water main. This infrastructure upgrade is necessary to provide water service to a proposed mixed-use development in the city's extraterritorial jurisdiction, specifically a project that will include approximately 195 single-family townhomes and 200 multi-family units. The agreement stipulates that the developer must cover all non-reimbursable costs and adhere to city design and construction standards. This legislation is significant as it aims to enhance water service capacity in line with the city’s long-term planning goals and supports growth in the area, ultimately benefiting residents and the local community.