File #: 16-1848    Version: 1 Name: Resolution - A Resolution of the City of Mansfield, Texas Electing to be Eligible to Participate in Tax Abatement and Expressing Intent to Negotiate the Grant of a Tax Abatement to BP Holdings; and Providing an Effective Date
Type: Resolution Status: Passed
File created: 5/2/2016 In control: City Council
On agenda: 5/9/2016 Final action: 5/9/2016
Title: Resolution - A Resolution of the City of Mansfield, Texas Electing to be Eligible to Participate in Tax Abatement and Expressing Intent to Negotiate the Grant of a Tax Abatement to BP Holdings; and Providing an Effective Date
Sponsors: Chris Burkett, Scott Welmaker
Attachments: 1. Resolution-Tax Abatement BP Holdings

Title

Resolution - A Resolution of the City of Mansfield, Texas Electing to be Eligible to Participate in Tax Abatement and Expressing Intent to Negotiate the Grant of a Tax Abatement to BP Holdings; and Providing an Effective Date

Requested Action

Approve the Intent to Grant Tax Abatement

Recommendation

Approve Intent to Grant Tax Abatement

Description/History

Staff has been working with AMC Warehouse to construct 450,000 square feet of refrigerated and frozen warehouse space in phases.  The employment and investment commitments on the attached Term Sheet have been confirmed by the principal.

 

In order to close on the property, AMC is requiring a statement of commitment for the attached term sheet as well as a commitment to enter into a tax abatement agreement. 

Prepared by

Scott Welmaker, Mansfield Economic Development Corporation, 817-266-5890