Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Authorizing the City Manager to Negotiate, Finalize and Execute a Master Development Agreement (The "MDA") and Related Ground Leases, and any necessary conveyance documents (Collectively, The "Agreements") for the Qualified Convention Center and Hotel Project between the City of Mansfield, a Texas home-rule municipal corporation, the Board of Directors of Reinvestment Zone Number Four in the City of Mansfield, Texas, and TerraViva Global, LLC, a Texas limited liability company and/or assigns; Upon its Finalization, Authorizing the City Manager or His Designee, and Chairman of the Board of Directors of Reinvestment Zone Number Four (The "Board") to Execute the Agreement; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; And Declaring an Effective Date
Requested Action
To Consider the Resolution
Recommendation
To Approve the Resolution
Description/History
As part of the state's amendment to Chapter 351 of the Texas Tax Code in 2023, the City of Mansfield was added to the language as defined in the Qualified Hotel section. This will allow the return of state revenues from sales tax and hotel occupancy tax based on parameters established in the project. City Council further defined this Qualified Hotel per Resolution 4155-24 adopted on January 22, 2024. The new resolution includes the possibility of more than one qualified hotel in the Qualified Project, if authorized by the Texas Comptroller of Public Accounts.
Staff began working to recruit a hotel developer and in the summer of 2024, met and began negotiating with TerraViva Global on a headquarter hotel and 22,000 sft convention center. The master development agreement contemplates multiple developments within the Staybolt Street campus. This development is located within Reinvestment Zone Number Four (TIRZ #4), and is intended to promote tourism and stimulate economic d...
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