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 CARLETON/MR Mansfield Partners, Ltd. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of Economic Development and Performance Agreement with Carleton/ MR Mansfield Partners, Ltd.
Recommendation
Defer to Council
Description/History
Carleton/MR Partners, Ltd. plans to build a mixed use (multi-family and retail/commercial) development on Debbie Lane adjacent to Lifetime Fitness. The project includes 176 residential rental units and 25,500 sq. ft. of leasable retail space and is known as "The L". The MEDC Board approved reimbursement of the actual costs of certain infrastructure items related to the retail development not to exceed a total amount $148,325. The reimbursement would be paid based on the actual cost per square foot of commercial space finished within a 5 year period.
Justification
This project will bring new retail development and additional tax revenue to the City.
Funding Source
4A
Prepared By
Scott Welmaker, Director, Economic Development
817-453-1006