FINANCIAL_SERVICESAPPROVED

Fate Municipal Development District No. 1 Board Meeting Agenda Packet March 2026

MDD Approves $6M Park Financing Agreement with City of Fate

Not to exceed $6,000,000.00; approximately $480,000 annual paymentsCity of FateCITY OF FATEMarch 6, 2026

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Description

The Fate Municipal Development District No. 1 approved an agreement with the City of Fate to fund up to $6 million in principal and interest payments for Certificates of Obligation for the Fate Downtown Park and Promenade Project. The MDD's financial commitment will fund construction of the park, with payments estimated at $480,000 annually.

Contract Details

Contract Amount

Not to exceed $6,000,000.00; approximately $480,000 annual payments

Vendor

CITY OF FATE

Agency

City of Fate, TX

Contract Type

FINANCIAL_SERVICES

Document Date

March 6, 2026

Contract Term

Effective date in 2026 through final MDD payment (approx. ends 90 days after final payment; construction July 2026, park opening Summer 2027)

Renewal Info

Term lasts until 90 days after the MDD makes its final payment. Agreement is subject to possible amendment by mutual consent and may be terminated with sixty days' notice if funding is not appropriated in annual city budget.