Title
Resolution - Consideration and Approval of a Resolution Approving a Tax Increment Reinvestment Zone Reimbursement & Chapter 380 Economic Development Agreement between the City of Mansfield, Texas, the Board of Directors of Reinvestment Zone Number One, City of Mansfield, and Chisolm Flats, LLC; Authorizing the City Manager to Execute Said Agreement; And Providing an Effective Date
Requested Action
That the City Council approve the agreement and authorize the City Manager to execute the agreement.
Recommendation
It is city staff’s recommendation that the City Council approve the agreement.
Description/History
In late 2021, the landowners on the northeast corner of Lone Star Rd and HWY 287, known as Chisholm Flats (David Berzina and Bob Jonas), brought plans to city staff of small pad sites along Lone Star, directly across from Texas Health Hospital. Considering their zoning, and the fact that SUPs are required for drive-thrus, staff was able to request we sit down and discuss this site with a much grander vision in mind. Staff mentioned that we had all of the economic development tools available to make this a win-win and truly special place for the community.
Those conversations transformed their concept plans into a true mixed-use development with substantial restaurant and civic plaza space that would likely be a destination for entertainment. Those plans are what guided the SOMA zoning category, in which this project was the first case to be considered and approved for SOMA. As part of their next steps, a land assemblage plan, development agreement, and phasing plan were required. While the development agreement is strictly related to zoning and not economic development, there was also the need to assist with incentives to bridge the gap in market risk within the project.
If you will recall back in October 2022, when this agreement came to you previously, the incentives being requested were slightly higher and the agreement would have require...
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