Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Addendum to an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and MANSFIELD MATLOCK INVESTORS I, LTD. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of the Addendum to the Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and MANSFIELD MATLOCK INVESTORS I, LTD.
Recommendation
Defer to Council
Description/History
On April 23, Windstar (Mansfield Matlock Investors) contacted MEDC staff and advised they had been told by the City's Fire Marshall of some changes in the requirements and that they would need to install an additional fire hydrant. The cost of this hydrant is estimated to be $11,126.50 and they asked the MEDC Board to consider additional assistance for this item. At the May 1st, Board meeting, the MEDC Board voted 3 to 1 to approve the additional assistance for the fire hydrant in an amount not to exceed $11,126.50.
The Economic Development agreement was on the May 29th City Council agenda for approval, however, some additional information was discovered and City Council asked the MEDC Board to reconsider the request. This item was reconsidered by the MEDC Board at their July 10th meeting. The Board voted 6 to 0 to reduce the incentive to $5,500. A new addendum was prepared and placed on this agenda for City Council approval.
Justification
This project will generate additional tax revenue for the City.
Funding Source
4A
Prepared By
Scott Welmaker, Director Economic Development
817-453-1006