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File #: 15-1471    Version: 1 Name: Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation (“MEDC”) and Mexus Plastics, LLC a Texas Limited Liabi
Type: Resolution Status: Passed
File created: 8/13/2015 In control: City Council
On agenda: 8/24/2015 Final action: 8/24/2015
Title: Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation (“MEDC”) and Mexus Plastics, LLC a Texas Limited Liability Corporation (MEXUS) and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Sponsors: Scott Welmaker
Attachments: 1. Resolution, 2. Mexus Plastics ED Agreement

Title

Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation (“MEDC”) and Mexus Plastics, LLC a Texas Limited Liability Corporation (MEXUS) and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date

Requested Action

Consider the Mexus Plastics Economic Development Agreement.

Recommendation

The MEDC Board has recommended reimbursement to Mexus Plastics, LLC for an amount not to exceed $20,000 for an upgrade to  an ESFR fire suppression system  in the industrial building located at 167 Sentry Drive.

Description/History 

At the July 7th Board meeting, the Board approved an amount not to exceed $40,000 in assistance for  REL Enterprise LLC (Linda Cooper)  for reimbursement of eligible items, including the installation of a basic fire suppression system at 167 Sentry Drive.  The $40,000 was contingent upon Ms. Cooper signing a tenant to a minimum 5 year lease with at least 10 employees and a minimum business personal property investment of $250,000.  This agreement is also on tonight’s agenda.

 

Ms. Cooper has now found a tenant, Mexus Plastic, LLC., a manufacturer of sheet plastic using plastic pellet resin raw material. The sheet is extruded in custom sizes, colors and finishes and sold to fabricators to produce products for a wide variety of industries.

 

They have been told by the Fire Marshall that their operation will require an upgraded ESFR fire suppression system in the building. The estimated cost of upgrading the basic fire suppression system to an ESFR system is $20,000.

 

Mexus will make a minimum capital investment in equipment in the facility of $250,000 and create a minimum of 10 jobs.

Justification

Mexus will make a capital investment in equipment in the facility of at least $250,000 in the first year and create a minimum of 10 jobs.

Funding Source

4A

Prepared By

Scott Welmaker, Mansfield Economic Development Corporation

817-266-5890