Title
Resolution - A Resolution of the City of Mansfield, Texas Approving an Amendment to the Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Lonejack LLC (Sellmark Corp.) and Authorizing its Execution by the President of the MEDC and Providing an Effective Date
Requested Action
Approve Amendment to the Economic Development Agreement
Recommendation
Adminstration recommends approval of the Amendment.
Description/History
Sellmark Corporation has requested assistance with infrastructure items and impact fees related to their Phase 2 expansion. The company has done extremely well with their first phase and has exceeded their employment hiring numbers per their Economic Development Agreement. The company has asked MEDC for $68,443.00 (half of the total projected infrastructure cost). On May 7, 2013 the MEDC Board approved $12,600 for 215 ft. of ½ of the 24 ft. Fire Lane on the east boundry of Lot 1.
The existing Economic Development Agreement will need to be amended. The amendment is attached for City Council approval.
Justification
Sellmark Corporation with this Phase 2 expansion has far exceeded their employment requirements of 45. With this expansion they will grow to 65 full time employees. The 215 ft. extension of the Fire Lane on the east boundry of Lot 1 actually is a benefit to MEDC and the future development of Lot 1.
Funding Source
Mansfield Economic Development Corporation
Prepared By
Pat Jamison, Manager Business Retention Expansion, Mansfield Economic Development Corportation
817-453-1006