Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving the Master Development Agreement (MDA) for the Reserve between the City of Mansfield, the Board of Directors of Tax Reinvestment Zone Number One, and Stillwater Capital, LLC; Authorizing the City Manager or His Designee, and the Chairman of the Board of Directors of Tax Increment Reinvestment Zone Number One to Execute the Agreement; Finding that the Meeting at Which this Resolution is Passed is Open to the Public as Required by Law; And Declaring an Effective Date (TIRZ #1)
Requested Action
To Consider Approving the Resolution
Recommendation
To Approve the Resolution
Description/History
Stillwater Capital has under contract approximately 173.67 acres for the development of The Reserve, which will be a walkable, urban, mixed-use project, including office, hospitality, retail, residential, restaurant, entertainment, and medical uses. The City seeks to incentivize the development through the use of Tax Increment Reinvestment Zone Number One (TIRZ #1).
Key Terms of the Agreement
Scope of Work: Stillwater Capital will develop the project according to the Master Plan, which includes a canal, parks, water features, and public infrastructure. The City will contribute to the cost of public improvements through the TIRZ.
Duration: The agreement continues until the final payment is made to the developer or earlier termination by mutual agreement or default.
Public Contributions: The City will deposit funds into the Canals at the Reserve Account to cover the design and construction costs of public improvements. The developer will also be responsible for a private investment in the project.
Responsibilities:
- City of Mansfield: Fund public improvements, including roads, utilities, and canals, as outlined in the agreement.
- Developer (Stillwater Capital): Complete construction of private and public components of The Reserve as per the approved Master Plan and submit pay...
Click here for full text