Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving Resolutions Adopted by the Board of Directors of the Mansfield Economic Development Corporation Authorizing the Issuance of Mansfield Economic Development Corporation Sales Tax Revenue Bonds, Taxable New Series 2025 and Mansfield Economic Development Corporation Sales Tax Revenue Bonds, Tax-Exempt New Series 2025; Approving the Issuance of the Bonds and the Plan of Financing Authorized Thereby and the Financing Documents; Finding that the Meeting at Which this Resolution is Passed is Open to the Public as Required by Law; And Providing an Effective Date
Requested Action
To Approve the Resolution
Recommendation
To Approve the Resolution
Description/History
As part of the voter approved use of Type A funds in May 2023, the use of sales tax revenue bonds will provide for the required funding related to a multipurpose sports venue in the Staybolt Street district. Due to the operational agreement with REV Management, portions of the debt issuance will require taxable bonds while the remaining issuance is tax-exempt. The total guaranteed maximum price (GMP) for the construction of the stadium with Moss Construction is anticipated to be approved for $88.275 million as a separate agenda item by City Council. These bond proceeds will be used toward paying the GMP.
Justification
Upon review and consideration by the city's financial advisor and bond counsel, a combination of MEDC debt and cash are required to satisfy the payments toward the construction of the multipurpose sports venue. Tax increment reinvestment zone #4 funding is anticipated to supplement the actual debt payments once vertical, taxable value is created on the ground within the zone. The data center is well under construction at this time and is anticipated to generate revenue for this use. Several other private developments are underway, including a High Five Entertainment venue, several hotels, and m...
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