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 Bannister Engineering, and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider the Bannister Engineering Economic Development Agreement.
Recommendation
The MEDC Board recommends reimbursement of actual cost, not to exceed $68,376, for concrete work associated with drive approaches and fire lanes.
Description/History
Bannister Engineering was founded in Mansfield, Texas in 2007. Since that time they have occupied five different office locations including their current location at 1696 Country Club Drive where they occupy 4,100 square feet with 23 employees. They are completely full at this location and have purchased 3 acres on Mitchell Road in the McCaslin Business Park where they hope to construct 9,850 square feet of new office and storage space on one acre. This new facility will allow Bannister Engineering to expand their staff to 50 employees. The average salary is $65,000/year. The additional 2 acres will be for future growth and expansion.
Bannister Engineering requested assistance with drive approaches and fire lanes along with fire lines, fire hydrant and a 24 inch reinforced concrete culvert in the amount of $85,727.00 plus any assistance with their impact fees in the amount of $30,000.00.
At the October 7, 2014 regular MEDC Board meeting, the MEDC Board recommended that $68,376 for concrete work associated with drive approaches and fire lanes be approved.
Justification
Participation in this development will ensure that a local business stays and grows in Mansfield and in turn will produce additional ad valorem and sales tax revenue to the city and create new jobs.
Funding Source
4A
Prepared By
Scott Welmaker
Mansfield Economic Development Corporation 817-266-5890