Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development Agreement Between the City of Mansfield, Texas and SW Mansfield Development II, 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 to Execute said Agreement; and Declaring an Effective Date
Requested Action
To Consider Approving the Resolution
Recommendation
To Approve the Resolution
Description/History
Like our single-family homebuilders in Mansfield, there is a significant opportunity to capture sales tax on materials for the construction of Urban Living Phase 2 by Stillwater. By entering into a sales tax agreement, staff estimates $200,000 to EDC and $200,000 to MPFDC would be captured for this single development. The grant to Stillwater would be the remaining 1% portion of local sales tax.
Justification
This captures sales tax for the EDC and MPFDC that would otherwise not be collected in Mansfield.
Funding Source
N/A
Prepared By
Jason Moore, Executive Director Mansfield Economic Development Corporation