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 WISTERIA WAREHOUSE INVESTORS, LLC. ("WISTERIA"), and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date.
Requested Action
Consider the Wisteria Warehouse Investors Economic Development Agreement
Recommendation
The MEDC Board has recommended reimbursement not to exceed $57,072 for upgrading the electrical service at the new building being constructed by Peyco Southwest (Wisteria Warehouse Investors, LLC) to accommodate a new tenant, Harris Manufacturing.
Description/History
Peyco has an opportunity to lease 15,455 SF of space in their new building at 625 S Wisteria Street to Harris Manufacturing, a defense contractor whose customers include Raytheon, Boeing, SCI, and Abbott.
Harris Mfg will bring all of its operations to the new facility, including machine shop operations which accounts for approximately 75% of the core business. The remaining 25% is value added operations performed for customers, including bonding insulators to thermal planes, steel rule die operations and some assembly operations, such as insertion of hardware into parts, etc.
Justification
Harris Manufacturing will bring $1.2 million in capital investment and 14 jobs. MEDC previously approved an incentive of $127,079 to Wisteria Warehouse Investors for this building as a catalyst for developing new industrial space, however the electrical requirements were not included in that incentive and exceed the existing electrical infrastructure placed in the building.
Funding Source
4A
Prepared By
Scott Welmaker, Mansfield Economic Development Corporation 817-266-5890