Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Texas Refinery Corporation and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of Economic Development Agreement
Recommendation
Approval of Economic Development Agreement
Description/History
On January 10, 2012 the MEDC Board voted 7 to 0 to approve $582,730 in economic development assistance for Texas Refinery Corporatiion to relocate their blending operation from Fort Worth to Mansfield. The funds are to assist with a fire sprinkler system, fire alarms and fire lanes.
Justification
TRC will be making approximately $2 million worth of real property improvements and will install approximately $17 million worth of equipment. The anticipated annual tax revenue from the real property and equipment investment is estimated to be approximately $134,900, which means a payback period of approximately 4.3 years.
Funding Source
4A]
Prepared By
Scott Welmaker, Director Economic Development, 817-453-1006