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 1206 Antler, LTD. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider approval of 1206 Antler, LTD Economic Development Agreement.
Recommendation
Approve Economic Development Agreement with 1206 Antler, LTD
Description/History
James Hericks, owner of a 25,000 s.f. industrial facility at 1206 Antler Drive, has requested $80,000 in assistance from MEDC to add a fire suppression system to the building located at 1206 Antler Drive in order to attract a new tenant, Westower Communications. In addition to the fire suppression system, the landlord will be doing concrete work, making improvements to the office space and other improvements for a total capital investment of $120,000.
Westower Communications is interested in entering into a 5 year lease for the facility. If the landlord had to absorb the cost of the sprinkler system, he would not be able to quote a lease rate that will be acceptable to Westower.
On August 5, 2014 the MEDC Board voted 7 to 0 to provide assistance with the fire suppression system in the amount of $80,000.
On September 8th the agreement was presented to City Council for approval. City Council voted 5-2 to return the project to the Board for reconsideration of a lower amount. At the October 7th Board meeting, the MEDC Board voted 6 to 0 to reduce the incentive to $40,000. The economic development agreement is being resubmitted for Council approval for an amount not to exceed $40,000.
Justification
Westower Communications is a communications tower design and construction company founded in 1989 in British Columbia. They are one of the largest communication tower companies in North America with over 22 regional offices across the United States. Mansfield...
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