File #: 16-1849    Version: 1 Name: Resolution - A Resolution of the City of Mansfield, Texas, Approving the Terms and Conditions of a Term Sheet with BP Holdings, Pursuant to a Program to Promote Economic Development and Stimulate Business and Commercial Activity in the City; Authorizing t
Type: Resolution Status: Passed
File created: 5/4/2016 In control: City Council
On agenda: 5/9/2016 Final action: 5/9/2016
Title: Resolution - A Resolution of the City of Mansfield, Texas, Approving the Terms and Conditions of a Term Sheet with BP Holdings, Pursuant to a Program to Promote Economic Development and Stimulate Business and Commercial Activity in the City; Authorizing the City Manager to Execute Said Term Sheet for Such Purposes; and Providing an Effective Date
Sponsors: Chris Burkett, Scott Welmaker
Attachments: 1. AMC Term Sheet, 2. Resolution-AMC Term Sheet

Title

Resolution - A Resolution of the City of Mansfield, Texas, Approving the Terms and Conditions of a Term Sheet with BP Holdings, Pursuant to a Program to Promote Economic Development and Stimulate Business and Commercial Activity in the City; Authorizing the City Manager to Execute Said Term Sheet for Such Purposes; and Providing an Effective Date

 

Requested Action

Approve the attached term sheet and authorize staff to complete a developer agreement based on the approved term sheet.

 

Staff Recommendation

Approve AMC term sheet

 

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