Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development Agreement between the Mansfield Economic Development Corporation, and Infinity Sound, LTD; Authorizing the MEDC President to Execute Said Agreement; Finding that the Meeting at which this Resolution is Passed Is Open to the Public as Required by Law; and Declaring an Effective Date
Requested Action
Consider and Approve the Economic Development Agreement between the Mansfield Economic Development Corporation and Infinity Sounds, LTD.
Recommendation
Approve the Agreement
Description/History
Infinity Sounds, LTD is constructing a 23,000 square foot corporate headquarters and warehouse at 411 Easy Drive. Infinity Sounds, LTD will invest no less than $3,600,000 and receive a Certificate of Occupancy no later than December 31, 2026. The company will create a minimum of fifty-five full-time employees at the time of the Certificate of Occupancy.
Mansfield Economic Development will provide a grant of the lesser of: 100% actual costs or $200,000 related to fire suppression infrastructure to be constructed and/or installed on the property.
The MEDC Board of Directors voted to approve the Economic Development Agreement on July 2, 2024. City Council reviewed the project in Executive Session on March 25, 2024.
Justification
MEDC has identified corporate headquarters as part of the Mansfield 2040 Comprehensive Plan. Recruiting corporate headquarters falls into the targeted industries MEDC is focused on recruiting to Mansfield and the facility will be located within the Western Promise.
Funding Source
MEDC
Prepared By
Natalie Phelps, Project Manager 817-728-3653