Title
Ordinance - An Ordinance of the City of Mansfield, Texas, Calling a Special Election to Submit Two (2) Ballot Propositions to the Eligible Voters of the City of Mansfield, Texas, Pursuant to Sections 504.152, 505.152, and 505.202 of the Texas Local Government Code Authorizing the Type A Economic Development Sales Tax to be Used for Type B Economic Development Purposes; Providing for the Form of Ballot; Making Provisions for the Conduct of the Election and Other Provisions Relating Thereto; Providing a Severability Clause; and Providing for an Effective Date
Requested Action
Approval of the Ordinance calling a Special Election on May 6.
Recommendation
Staff recommends approval of the ordinance
Description/History
Over the last year, staff has been working on several major projects across the City which include entertainment and destination style venues. In order to attract the highest and best owners/operators within these major attractions, the City will likely need to bridge various gaps in the market. Since its inception in Mansfield in 1997, the Type A (formally known as the 4A) fund collects 1/2 cent of sales tax when taxable purchases are made within Mansfield. Type A EDCs are typically created to fund industrial development projects such as business infrastructure, manufacturing and research and development, which has been true for Mansfield. In order to utilize these funds for other economic development purposes that many cities in the metroplex have access to, the Type B sales tax is used. These are typically called Community Development Corporations. The Type B corporation in Mansfield was established in 1992 as a Park Facilities Development Corporation and thus strictly authorized for Park Facilities Development.
In fiscal year 2023, the revenues projected in the Type A fund are expected to be around $9,000,000. While some of these funds pay for ongoing economic development projects like Klein Tools, Straumann, and debt service for infra...
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