Title
Resolution - A Resolution of the City of Mansfield, Texas, Approving an Economic Development Agreement Between the City of Mansfield, Texas, the Mansfield Economic Development Corporation, the Board of Directors of Reinvestment Zone Number One, and Admiral Legacy, LLC; Authorizing the City Manager, MEDC President, and TIRZ #1 Board Chair, to Execute Said Agreement; and Providing an Effective Date
Requested Action
Consider Approval of the Economic Development Agreement with Admiral Legacy LLC
Recommendation
Approval of the Economic Development Agreement with Admiral Legacy LLC
Description/History
The MEDC owns approximately 17 acres of land at the northwest quadrant of Heritage Parkway and Regency Parkway along the Innovation Corridor. The Innovation Corridor is identified as an approximate 1.5 mile stretch of Heritage Parkway between Hwy 287 to the west and Hwy 360 to the east in Mansfield. As future development opportunities present themselves, it is the desire of the City to establish a “Vision” for this corridor and manage development to the extent that it becomes a meaningful and identifiable regional business hub. Admiral Legacy, LLC, intends to develop the property in phases for a mixed-use project consisting of a minimum of 200,000 square feet of office space, 20,000 square feet of retail space, and 280 corporate residences together with parks, trails, education, innovation, and corporate headquarters for the enjoyment of the public.
As the master plan was being contemplated, the developer, with staff’s input, developed a financial analysis and market feasibility for Class A office and mixed-use development. The main finding was that due to the lack of Class A office in Mansfield, market rents will unlikely support the financial costs of development. Therefore, Admiral Legacy has determined that a combination of incentive tools by the City, MEDC, and TIRZ #1, would induce construction of The Mansfield Innovation Community (The MIC) to brid...
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