Legislation Details

File #: 12-0200    Version: 1 Name: 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 FTI Industries, DBA Fluidic Techniques an
Type: Resolution Status: Passed
File created: 6/15/2012 In control: City Council
On agenda: 6/25/2012 Final action: 6/25/2012
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 FTI Industries, DBA Fluidic Techniques and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Attachments: 1. Resolution, 2. FTI Economic Development Agreement
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 FTI Industries, DBA Fluidic Techniques and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
 
Requested Action
Approval of Economic Development and Performance Agreement with FTI Industries, DBA Fluidic Techniques
Recommendation
Defer to Council
Description/History
FTI Industries will invest a total of $935,000 to acquire a building at 155 Sentry Drive which includes investments in city code upgrades and building improvements. As a result of this expansion they will be increasing the number of Full-Time employees in the company by 15. On June 5, 2012 the MEDC Board voted 6-0 to approve up to $37,400 in assistance for necessary city code upgrades.
Justification
This project will bring15 Full-Time good paying jobs to the City and help retain a valued member of the Mansfield Industrial Community.
 
Funding Source
4A
 
Prepared By
Pat Jamison,Manager Business Retention Expansion, Economic Development
817-453-1006