Title
Consider Approval of an Assignment of Economic Development and Performance Agreement with Back Yard Come As You Are, LP to Mansfield Community Bank
Requested Action
Approve Assignment of Back Yard Come As You Are, LP Economic Development and Performance Agreement
Recommendation
Approve Assignment of Back Yard Come As You Are, LP Economic Development and Performance Agreement
Description/History
In March 2016, MPFDC entered into an Economic Development and Performance Agreement with Back Yard Come As You Are, LP for assistance with landscaping along a pathway that will lead from the proposed Pond Branch linear trail to Main Street.
Mansfield Community Bank requires an assignment of the Performance Agreement as a condition of their loan to Backyard Come As You Are, LP. This Assignment allows the bank to exercise the Performance Agreements in the event something hinders the developer’s ability to complete the construction of the proposed project located at 109 S. Main St., Mansfield, Texas. By assigning the Performance Agreement, the bank, in effect, will complete the project as presented and approved by the bank on May 11, 2016.
Per section 9.f of the Performance Agreement, any assignment of this contract must be approved by the MPFDC Board. The agreement and the assignment have been reviewed by legal counsel and determined to be acceptable.
Justification
N/A
Funding Source
MPFDC ½ cent sales tax
Prepared By
Matt Young, Director of Parks and Recreation
Matt.young@mansfieldtexas.gov
817-804-5798