Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Amendment to the Construction Manager at Risk (CMAR) Contract with Moss Construction for the Multipurpose Stadium Project to include a Guaranteed Maximum Price of $88,275,000; Authorizing the City Manager, or his designee, to Execute the Amendment; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; and Declaring an Effective Date (Type A Sales Tax)
Requested Action
To Approve the Resolution
Recommendation
To Approve the Resolution
Description/History
In May 2023, Mansfield voters approved Proposition B, which allowed for the use of Type A Sales Tax Funds for a multipurpose stadium venue. The approval included the use of existing funds and future sales tax funds, via Sales Tax Revenue Bonds. As an anchor for the Staybolt Street District (formerly known as Harvest Point), the multipurpose stadium would be catalytic for the 300+ acre development around it. As such, Council has worked for the past two years to bring this one-of-a-kind development to fruition. Staybolt Street will be the destination in Mansfield and beyond for sports tourism and entertainment. Also, included within TIRZ #4, the private development is expected to generate over $300,000,000 in value over the life of the TIRZ. Tarrant County is participating in the TIRZ, and it is anticipated that Ellis County will also finalize a participation agreement by early 2025. With the funding mechanisms in place, the city's architect, Perkins and Will, along with REV Sports Management, and Moss Construction, a final plan for the multipurpose stadium has been submitted.
As a reminder, on April 8, 2024, the City Council approved a CMAR contract with Moss Construction for the Multipurpose Stadium Project. At that time, it was just for the pre-construction services that allowed them to work with the architect and design team to develop both a project within budget and within a specified timeline. The goal has always been to be open by the time the World Cup is hosted down the road at AT&T Stadium. As part of REV's agreement with the City, they have partnered with FC Dallas to provide the headquarter tenant, which will be announced on December 11th, pending approval of this contract.
The next step to move forward with actual construction requires that an amendment to the CMAR contract be brought before City Council for consideration of a guaranteed maximum price (GMP). This is the price that the contractor, Moss Construction, is agreeing to deliver the full project to the City. This amendment yields a GMP in the amount of $88,275,000. The contractor assumes all risk within the buyout of supplies, labor and materials for the permit-set of plans. It should be noted that because there have been value-engineering items as part of the process, the attached Budget Control Log, is also included with the permit set for the final budget and amount.
Upon approval, Moss Construction would formally mobilize immediately in order to insure a completion date within 16 months of commencement. This would allow the stadium to open in April/May of 2026.
Justification
The city's financial advisor and bond counsel have been actively involved in the preparation of the financing aspect of the project and funding is available in MEDC, Type A Sales Tax, for this use.
Funding Source
Type A Sales Tax
Prepared By
Jason Moore, Executive Director of Economic Development