Title
Staff Update, Board Discussion and Possible Action Regarding Requested Incentive Payment From RMA Holdings, LLC (AM-C Warehouse).
Requested Action
Staff requests the Board consdier approving the first incentive payment of $650,000 to RMA Holdings,LLC.
Recommendation
Consider approving the first incentive payment of $650,000 to RMA Holdings, LLC.
Description/History
MEDC entered into the attached Economic Development and Performance Agreement with RMA Holdings, LLC in October 2017. This agreement required Phase I, a 115K sq. ft. building, to receive a Certificate of Occupancy by June 30,2018. Due to a variety of issues, RMA did not receive their CO until October 10th. Staff is recommending they still receive the first incentive payment of $650,000 once they have provided all of the necessary documentation to support the required capital investment and job creation for this phase. At the time of this report, RMA had not submitted sufficient documentation to support the full amount of the capital investment required so staff may also be asking the Board to consider a prorata deduction in the amount of incentive to be paid if the required investment is not met.
Justification
RMA Holdings (AM-C Warehouse) is making an investment of over $67 million in the City of Mansfield and creating over 100 new jobs.
Funding Source
4A
Prepared By
Richard Nevins, Interim Director, 817-728-3652