Title
Resolution - A Resolution of the City of Mansfield, Texas, Approving an Amendment to the Economic Development Agreement Between the City of Mansfield, the Mansfield Economic Development Corporation, and Crystal Window and Door Systems TX; Authorizing the City Manager, or his designee, and MEDC President to Execute Said Amendment; and Providing an Effective Date
Requested Action
Consider Approval of the Amendment to the Economic Development Agreement with Crystal Window and Door Systems TX
Recommendation
Approval of the Amendment to the Economic Development Agreement with Crystal Window and Door Systems TX
Description/History
City Council approved an Economic Development Agreement with Crystal Window and Door Systems TX on March 6, 2023 during their regular City Council meeting. Since that approval, the Company has been working on due diligence items with staff. One of those items relates to their potential acquisition of adjacent property with private property owners. As such, the building can be shifted and enlarged to accommodate the larger site, and thus Reinvestment Zone #46, that Council created in December 2022, is not sufficient to cover all of their proposed development. At their May 8, 2023 City Council meeting, Reinvestment Zone #47 was created to ensure the entire proposed development would be located within a reinvestment zone for tax abatement purposes.
Justification
The purpose of this amendment is to account for the additional reinvestment zone as it relates to the tax abatement portion of the agreement.
Funding Source
General Fund and Type A
Prepared By
Jason Moore, Executive Director of Economic Development, 817-728-3650