Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving a Collateral Assignment of Agreement with Chisholm Flats LLC, for the Benefit of Plainscapital Bank; Authorizing the City Manager or His Designee to Execute the Agreement; and Providing an Effective Date
Requested Action
To Consider the Resolution
Recommendation
To Approve the Resolution
Description/History
As part of the 54 acre development at the northeast corner of Lone Star and HWY 287, Chisholm Flats is preparing to commence infrastructure construction. As part of their construction financing process, they need to collateralize their existing TIRZ Reimbursement Agreement with the City. This assignment is only for the initial infrastructure construction and Chisholm Flats LLC will retain their position through the remainder of the agreement with the City.
Justification
This is required for the developer to obtain financing. There is no fiscal impact to the City.
Funding Source
N/A
Prepared By
Jason Moore, Economic Development