Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development Agreement between the Mansfield Economic Development Corporation, and Talley's LLC; Authorizing the MEDC President to Execute Said Agreement; Finding that the Meeting at which this Resolution is Passed Is Open to the Public as Required by Law; and Declaring an Effective Date
Requested Action
Consider and Approve the Economic Development Agreement between the Mansfield Economic Development Corporation and Talley's LLC.
Recommendation
Approve the Agreement
Description/History
Talley's LLC is expanding and renovating The Vault and El Primo's restaurant and entertainment venues. Talley's LLC will invest no less than $2,500,000 and receive a Certificate of Occupancy no later than December 31, 2025. The company will create a minimum of thirty-five full-time employees at the time of the Certificate of Occupancy.
Mansfield Economic Development will provide a grant of the lesser of: 100% actual costs or $200,000 related to the renovation and expansion of restaurant and entertainment areas, grease trap, and fire suppression infrastructure to be constructed and/or installed on the property.
Justification
As part of the Mansfield 2040 Comprehensive Plan the City Council members, city staff, and citizens of Mansfield have established that a priority for economic development projects should be to acknowledge the innovation, hard work, and commitment to the local community that local developers and business owners demonstrate. Incentives are available for the establishment and expansion of projects that shine a spotlight on Mansfield in this way. The Vault and El Primo's are owned by local entrepreneurs and located within Mansfield city limits; established in Mansfield; and partner with Mansfield businesses.
Funding Source
MEDC
Prepared By
Natalie Phelps, Project Manager 817-728-3653