Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Peyco Southwest Realty, Inc.and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of the Economic Development and Performance Agreement for Peyco Southwest Realty, Inc.
Recommendation
Approval of the Economic Development and Performance Agreement for Peyco Southwest Realty, Inc.
Description/History
Pecyo Southwest Realty, Inc. to build an approximate 36K sq. ft. speculative industrial building on property they currently own on Wisteria Drive adjacent to their existing buildings at 1501 and 1551 Heritage Parkway. There is strong demand in Mansfield for existing industrial buildings in the 30,000 to 50,000 sq. ft. range; however, there is very limited product on the market. Projected capital investment for the building is $2,175,000
In order to offer a competitive lease rate, Peyco Southwest Realty requested assistance from MEDC in the amount of $120,779 for fire line, fire hydrant, riser, fire lane and water / sewer / roadway impact fees.
At the October 1st Board meeting, the MEDC Board voted 6 to 0 to provide the requested amount of $120,779 in assistance to Wisteria Warehouse Investors, LLC.
Justification
This building would make Mansfield very competitive in the industrial market and economic development assistance would help offset construction costs and allow Peyco to offer very competitive lease
Funding Source
4A
Prepared By
Scott Welmaker, Director Economic Development
817-453-1006