Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving a Second Amendment to the Contract of Sale between the City of Mansfield, Texas and Crystal Window and Door Systems Texas LTD; and Declaring an Effective Date
Requested Action
To Consider the Resolution
Recommendation
To Approve the Resolution
Description/History
Since the bid opening on the mushroom property back in 2022, the City has worked with Crystal Window and Door Systems on economic incentives and the sale of property to help make their decision to relocate to Texas. Because it is a significant part of their consideration in whether or not they come to Texas, their application for the Texas Enterprise Fund incentive is within review at the Governor's office. Their review is expected to conclude within the next 30 days and as such, our ability to contract with the Company on the city land, needs to be extended.
Additionally, as part of the amendment, their is a credit being considered for $100,000, which would lower the purchase price if they close on the property, in order to satisfy some surface waiver requests from the original property owners.
Justification
Need more time for state to consider the TEF application.
Funding Source
N/A
Prepared By
Jason Moore, Executive Director of Economic Development