Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving a Second Amendment to the Economic Development Agreement between the City of Mansfield, Texas, the Mansfield Economic Development Corporation, the Board of Directors of Reinvestment Zone Number One in the City of Mansfield, Texas, and Admiral Legacy, LLC; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; Authorizing the City Manager or his Designee, The MEDC Board President, and Chairman of TIRZ #1 Board, to Execute Said Agreement; And Declaring an Effective Date (MEDC)
Requested Action
To Consider the Resolution
Recommendation
To Approve the Resolution
Description/History
This resolution authorizes an amendment to the original economic development agreement between the City of Mansfield, the Mansfield Economic Development Corporation (MEDC), and Admiral Legacy Investments. The amendment addresses a new requirement from Union Pacific Railroad concerning stormwater drainage at a 17-acre property located at the northwest corner of Regency Parkway and Heritage Parkway.
Initially, the agreement did not require drainage detention for the property. However, the railroad has since indicated that while the volume of water flowing through the channel is acceptable, the speed at which the water flows cannot increase. This presents a challenge for any development on the site, as the railroad will not permit modifications to the existing drainage channel.
To address this, the MEDC will design and construct a drainage detention system on nearby city-owned land to slow the water flow upstream before it reaches the railroad's channel. This solution will be implemented at no additional cost to the developer. The amendment formalizes this arrangement, ensuring that the drainage requirements are met without impacting the planned development of the site.
Justification
This work is needed to unlock development on the 17 acre tract and it will also help with any drainage requirements further upstream on undeveloped property.
Funding Source
MEDC
Prepared By
Jason Moore, Executive Director, MEDC