Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Accepting a Petition for Calling a Public Hearing on the Advisability of the Improvements and Creation of the City of Mansfield Staybolt Public Improvement District Within the Corporate Limits of the City of Mansfield Pursuant to Chapter 372, Texas Local Government Code, and Authorizing the Mailing and Publication of Notice of Public Hearing
Requested Action
Accept the petition for the creation of the Staybolt Public Improvement District and call a Public Hearing for February 24, 2025.
Recommendation
Staff recommends approval.
Description/History
Staybolt Street is the entertainment district identified in the 2040 Future Land Use Plan. The developer intends to develop approximately 615 residential units as part of the overall Staybolt Entertainment District.
Justification
The Public Improvement District (PID) and its use in the district is in alignment with the Mansfield Economic Incentives Policy. The PID funding is required for the construction of the public infrastructure and public amenities within the district, whereas the development would not be possible without the PID creation.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager