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File #: 23-5621    Version: 1 Name: 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 Agree
Type: Resolution Status: Passed
File created: 9/20/2023 In control: City Council
On agenda: 9/25/2023 Final action: 9/25/2023
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
Sponsors: Jason Moore
Attachments: 1. Resolution, 2. Exhibit A - TIRZ and 380 Agreement, 3. Exhibit B - Collateral Assignment

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