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 NTS, 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 by and Between the Mansfield Economic Development Corporation ("MEDC") and NTS, Inc and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date.
Recommendation
Approval of the Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and NTS, Inc and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date.
Description/History
NTS, Inc. plans to acquire and renovate a 30,000 sq. ft. building located at 603 S. Wisteria. They also intend to construct a new 53,400 sq. ft. facility adjacent to this existing building.The estimated cost of renovating the existing building is $373,500.The estimated cost of the new facility is $3,240,000. They will create 50 new jobs and will install approximately $750,000 worth of equipment in the new facility. At the September 3rd MEDC Board meeting, the Board voted 5 to 0, to provide $508,000 in incentives - $45,000 to assist with the installation of the fire suppression system in the existing building plus reimbursement of impact fees up to $3,500 and $400,000 to assist with the construction of the new facility plus reimbursement of impact fees up to $59,500.
Justification
NTS would renovate an existing building, construct a new one and bring new jobs to Mansfield. They will also be using existing Mansfield businesses, such as metal fabrication companies, to support their supply chain.
Funding Source
4A
Prepared By
Scott Welmaker, Director Economic Development, 817-453-1006