Title
Resolution - A Resolution of the City of Mansfield, Texas Authorizing the City Manager to Execute an Amended Chapter 380 Economic Development and Performance Agreement with Backyard Come as You Are, LP and Brian Storm Shelter, LLC Regarding the Backyard Development for Public and Private Improvements to Property Within the Tax Increment Reinvestment Zone Number Two
Requested Action
City council authorize the city manager to execute an amendment to the Chapter 380 development and performance agreement between Backyard Come as You Are (BCYA), Brain Storm Shelter (BSS), and TIRZ No. 2 with the terms identified by city council.
Recommendation
City council authorize the city manager to execute an amended agreement with BSS, BCYA, and TIRZ No. 2 with the terms identified by city council.
Description/History
* On March 28, 2016, the city council approved a resolution (RE-3226-16) authorizing the city manager to execute an economic development and performance agreement between the City, Backyard Come as You Are, Brain Storm Shelter, and TIRZ No. 2.
* Among other terms defined in the agreement, the definition of "restaurants" was identified as - three restaurants on the property to include Twisted Root, Quincy's Chicken Shack and a third restaurant concept operated by BSS or a third party...
* Backyard Come as You Are (Developer) and Brain Storm Shelter (Operator) have since notified the City that Quincy's Chicken Shack will be replaced by Tacos and Avocados, a restaurant concept operated elsewhere by BSS, and that the third restaurant concept will be Hypnotic Emporium.
* The developer and operator have requested that certain amendments be made to existing agreements with MEDC, MPFDC, and the City/TIRZ.
1 - The restaurant names in the agreements should be amended to include Hypnotic Emporium and Tacos & Avocados (which will replace Quincy's Chicken Shack).
2 - The operator wishes to forgo the previously approved ten year tax sales abatement in exchange f...
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