Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving a First Amendment to the Economic Development Agreement and Contract of Sale between the City of Mansfield, Texas, the Mansfield Economic Development Corporation, the Board of Directors of Reinvestment Zone Number One in the City of Mansfield, Texas, and Lonejack, LLC; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; Authorizing the City Manager or his Designee, The MEDC Board President, and Chairman of TIRZ #1 Board, to Execute Said Agreement; And Declaring an Effective Date
Requested Action
To Approve the Resolution
Recommendation
To Approve the Resolution
Description/History
The original economic development agreement was approved by city council in March 2024, and this first amendment provides for the official transaction (sale) for the final MEDC owned lot (Lot 5), where the gas well and frac pond were located, between the railroad tracks and Sellmark's property. There is a revised site plan to accommodate and maximize development on this property as well, including opportunities to develop future phases into the future, beyond the scope of the agreement.
Justification
This provides more taxable improvements within TIRZ #1 that will provide for innovation and manufacturing incubation.
Funding Source
N/A
Prepared By
Jason Moore, Executive Director Economic Development