Title
Staff Update, Board Discussion, and Possible Action Regarding Request to enter into an Economic Development Agreement and Sell Real Property to Super Studios Mansfield, LLC
Requested Action
Request to sell Real Property owned by the Mansfield Development Corporation and enter into an Economic Development Agreement with Super Studios Mansfield, LLC
Recommendation
Staff recommends approval of both the sale of real property and the economic development agreement
Description/History
Staff has been working with Super Studios Mansfield, LLC for several months on a mixed-use development along the western boundaries of the city limits, on approximately 70 acres owned by the Mansfield Economic Development Corporation, also known as Mansfield Industrial Business Park. The property is located on the northeast corner of Klein Tools Blvd and 7th Avenue.
The first phase of the development will include sound stage clusters that host the film industry for medium to large scale productions. Many of these productions are between six months to one year in duration before entire new sets are created and another production is underway.
The plan is to develop up to 5 sound stages, various mill shops and technical studios for the development. Additionally, it is contemplated to deliver restaurants, retail, hotels, and residential for the use of the production teams and the public.
Justification
This project will yield a significant diversification of industry and job types to our local economy and will provide sustainable revenue sources to the City and MEDC.
Funding Source
4A, General Fund Sales Tax
Prepared By
Jason Moore, Executive Director, 817-728-3651