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 SJJH Mansfield, L.L.C and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of the Economic Development and Performance Agreement between MEDC and SJJH Mansfield, L.L.C.
Recommendation
Approval of the Economic Development and Performance Agreement between MEDC and SJJH Mansfield, L.L.C.
Description/History
SJJH, Mansfield L.L.C. are developing an approximately 60,000 sq. ft. shopping center called Mansfield Marketplace at the SE corner of Debbie Lane and Matlock Road. The projected capital investment for this project is approximately $6,100,000.
On March 31, 2014 the MEDC Board voted 7 to 0 to provide assistance in the amount of $329,000 for public water, sanitary sewer and external fire lane improvements. The first building is to be completed no later than April 1, 2015.
Justification
This development will bring additional ad valorem and sales tax revenue to the city and create new jobs.
Funding Source.
4A
Prepared By
Richard Nevins, Assistant Director, 817-453-1006