During Tuesday morning’s meeting, the Brownwood City Council approved a Deposit and Reimbursement Agreement with First Advisors, Inc. for the La Cresta Development.

At the Sept. 24 meeting, the Brownwood City Council approved a Public Improvement District (PID) Policy that requires a developer to enter into a professional services deposit and reimbursement agreement with the City to pay for the City’s professional service expenses in establishing and administering a PID.

The City has currently received a request to create a PID and a Tax Increment Reimbursement Zone (TIRZ) for a possible development that is currently located outside the City limits, a portion of which is in the City’s extraterritorial jurisdiction and a portion of which is in Brown County.

The Deposit and Reimbursement Agreement will require the developer to deposit an initial balance of $25,000 to pay for the City’s professional expenses that will be incurred in evaluating and creating a PID and TIRZ as part of the negotiation of a development agreement.

In the event that the balance with the City drops below $5,000, the Developer will replenish the balance to $25,000.

If the PID is created, the ongoing administrative expenses of the PID will be paid by the Developer from the assessments on the Property and/or any bonds issued by the PID.

The City will not be responsible for the ongoing costs of the administration of the PID.

If the TIRZ is created, the administrative expenses of the TIRZ will be paid from proceeds of the TIRZ tax increment revenues.

Also Tuesday, the Council approved an extension of two days to allow the Haunted House at 1400 Houston Street to be open until Nov. 2.

Earlier in the meeting City Manager Emily Crawford recognized the City’s Core Value Award Winners, who are Michele Halk, John Mobley, Maria Ibarra, Nathan Church and Ashley Belez.