Board of Directors Meeting Agenda


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Meeting Date: 08/17/2017  

SUBJECT MATTER:
Receive, consider and act upon Conveyance of Village of Creekside Park Section 39, Restricted Open Space Reserves (ROSR) ROSR B; Village of Creekside Park Lake Paloma Reserves, ROSR B; Village of Creekside Park Lake Paloma Trail Reserves, ROSRs A, B & C; Lake Paloma Weir; and the Termination of Lease Agreement and an Assignment of Rights related to Lake Paloma;
FISCAL IMPACT:
Base annual maintenance cost adding the Restricted Open Space Reserves (ROSR) is minimal as the lake has been the Township’s responsibility since 2008 per the terms of the Lease Agreement between The Woodlands Association (TWA) and The Woodlands Development Company that was assigned to the Township. Creekside Park Section 39, Reserve B has been included in the maintenance program since 2016 as part of Footbridge Park.
BACKGROUND:
The Woodlands Land Development Company (TWLDC) has submitted the following reserves for conveyance: Village of Creekside Park Section 39, ROSR B; Village of Creekside Park Lake Paloma Reserves, ROSR B; Village of Creekside Park Lake Paloma Trail Reserves, ROSRs A, B & C; Lake Paloma Weir; and the Termination of Lease Agreement and an Assignment of Rights related to Lake Paloma.  In order to accept ownership of the lake and adjacent reserves and easements,  the initial lake Lease Agreement must be terminated and an Assignment of Declarant Rights under Declaration of Covenants and Easements for The Woodlands Lake Lots be accepted.
 
Attachment A - Letter of Conveyance
Attachment B - Special Warranty Deed Creeside Park Section 39, ROSR "B"
Attachment C - Special Warranty Deed Lake Paloma Reserve "B"; ROSR's "A", "B" & "C" out of The Woodlands Village of Creekside Park lake Paloma Trail Reserves; 1.471 Acres out of the William White Survey, A-829 (Lake Paloma Weir)
Attachment D - Assignment of Declarant Rights under Declaration of Covenants and Easements for The Woodlands Lake Lots 
Attachment E - Termination of Lease Agreement
Attachment F - Exhibit of Lake Paloma Trail Reserves    
Attachment G - Plat Lake Paloma Reserves
Attachment H - Plat Lake Paloma Weir
 

The Lake and ROSR’s have been inspected and a pre-conveyance report has been provided to TWLDC. No major issues were reported.  Legal counsel has completed a review of the Special Warranty Deeds and related agreements and has found them to be acceptable.  

RECOMMENDATION:
Approve and accept the conveyance of: Village of Creekside Park Section 39, ROSR B; Village of Creekside Park Lake Paloma Reserves, ROSR B; Village of Creekside Park Lake Paloma Trail Reserves, ROSRs A, B & C; Lake Paloma Weir; and the Termination of Lease Agreement and an Assignment of Rights related to Lake Paloma, as presented herein.
Attachments
Attachment A - TWDC Letter of Conveyance
Attachment B - Special Warranty Deed ROSR B Section 39
Attachment C - Special Warranty Deed Lake Paloma Reserves
Attachment D - Assignment of Declarant Rights
Attachment E - Termination of Lease Agreement
Attachment F - Lake Paloma Trail Reserves Map
Attachment G - Plat Lake Paloma Reserves
Attachment H - Plat Lake Paloma Weir


    

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