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 Hightower Salon Suites and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider request for assistance
Staff Recommendation
At the February 2 2016 MEDC Board meeting, the Board recommended reimbursement of up to $50,000 in eligible infrastructure costs to provide a common access entrance and drive from the Fairfield Inn, across the vacant parcel to the SE, to the applicant’s property.
Description/History
In January 2015, the MEDC Board approved $50,000 to assist with access for this project from the Fairfield Inn to the adjoining property, which was at the time the development site. The agreement was never taken to City council for approval. The project owner has since purchased the lot to the south, adjacent to the lot for which the earlier request was made.
The applicant is committed to $2.5 million in improvements and BPP and 75 FTE jobs.
Justification
This project is being required to construct a shared access point with the undeveloped property to the southeast across property they do not own to the Fairfield Inn lot line. MEDC participation would help to develop two difficult properties.
Prepared by
Scott Welmaker, Mansfield Economic Development Corp. 817-266-5890