...Title
Staff Report, Board Discussion and Possible Action Regarding a Second Amendment to an Economic Development Agreement with Admiral Legacy.
...Requested Action
To Consider the Resolution
...Recommendation
To Approve the Resolution
...Description/History
This resolution authorizes an amendment to the original economic development agreement between the City of Mansfield, the Mansfield Economic Development Corporation (MEDC), and Admiral Legacy Investments. The amendment addresses a new requirement from Union Pacific Railroad concerning stormwater drainage at a 17-acre property located at the northwest corner of Regency Parkway and Heritage Parkway.
Initially, the agreement did not require drainage detention for the property. However, the railroad has since indicated that while the volume of water flowing through the channel is acceptable, the speed at which the water flows cannot increase. This presents a challenge for any development on the site, as the railroad will not permit modifications to the existing drainage channel.
To address this, the MEDC will design and construct a drainage detention system on nearby city-owned land to slow the water flow upstream before it reaches the railroad's channel. This solution will be implemented at no additional cost to the developer. The amendment formalizes this arrangement, ensuring that the drainage requirements are met without impacting the planned development of the site.
...Justification
This work is needed to unlock development on the 17 acre tract and it will also help with any drainage requirements further upstream on undeveloped property.
...Funding Source
MEDC
...Prepared By
Jason Moore, Executive Director, MEDC