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 SENTRY LAND, L.P. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider the Valley Roller Economic Development Agreement.
Recommendation
The MEDC Board has recommended reimbursement not to exceed $264,000 for eligible expenses associated with on-site improvements for fire lane paving and 8" fire water hydrant and DDC vault.
Description/History
Valley Roller opened their current plant in Mansfield in 1999. They are considering an expansion in Mansfield to vertically integrate their process.
The company has committed to make a capital Investment of facility and equipment with the following timeline and amounts:
1. Building Construction ~$2.2 MM and receive a certificate of occupancy by December 31, 2016.
2. Initial Equipment Installation ~$2.0 MM completed by December 31, 2016
3. Phase II Equipment Investment ~$1.5 MM completed by December 31, 2018
The new facility will employ an additional 23 manufacturing associates and 8 management/office staff by the end of 2015.
At the February 2015 MEDC Board meeting, the MEDC board recommended $264,000 for direct costs associated with with on-site improvements for fire lane paving and 8" fire water hydrant and DDC vault.
Justification
The additional investment and employment will ensure that the Mansfield operations of Valley Roller continue to grow and invest in Mansfield.
Funding Source
4A
Prepared By
Scott Welmaker, Mansfield Economic Development Corporation 817-266-5890