Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Amendment to the Construction Manager at Risk (CMAR) Contract with Moss Construction for the Multipurpose Stadium Project to include a Guaranteed Maximum Price of $88,275,000; Authorizing the City Manager, or his designee, to Execute the Amendment; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; and Declaring an Effective Date (Type A Sales Tax)
Requested Action
To Approve the Resolution
Recommendation
To Approve the Resolution
Description/History
In May 2023, Mansfield voters approved Proposition B, which allowed for the use of Type A Sales Tax Funds for a multipurpose stadium venue. The approval included the use of existing funds and future sales tax funds, via Sales Tax Revenue Bonds. As an anchor for the Staybolt Street District (formerly known as Harvest Point), the multipurpose stadium would be catalytic for the 300+ acre development around it. As such, Council has worked for the past two years to bring this one-of-a-kind development to fruition. Staybolt Street will be the destination in Mansfield and beyond for sports tourism and entertainment. Also, included within TIRZ #4, the private development is expected to generate over $300,000,000 in value over the life of the TIRZ. Tarrant County is participating in the TIRZ, and it is anticipated that Ellis County will also finalize a participation agreement by early 2025. With the funding mechanisms in place, the city's architect, Perkins and Will, along with REV Sports Management, and Moss Construction, a final plan for the multipurpose stadium has been submitted.
As a reminder, on April 8, 2024, the City Council approved a CMAR contract with Moss Construction for the Multipurpose Stadium Project. At that time, it was just for the pre-construction services that allowed them to work with the architect and design team to develop both a project within b...
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