Title
Resolution - Public Hearing and Consideration of a Resolution of the City Council of the City of Mansfield, Texas, Authorizing and Creating the Staybolt Public Improvement District in the City of Mansfield, Texas, in Accordance with Chapter 372 of the Texas Local Government Code; Providing for Related Matters; And Providing an Effective Date
Requested Action
Hold a Public Hearing and consider approval of the resolution
Recommendation
Staff recommends approval.
Description/History
Staybolt Street is the entertainment district identified in the 2040 Future Land Use Plan. The developer intends to develop approximately 615 residential units as part of the overall Staybolt Entertainment District.
Justification
The Public Improvement District (PID) and its use in the district is in alignment with the Mansfield Economic Incentives Policy. The PID funding is required for the construction of the public infrastructure and public amenities within the district, whereas the development would not be possible without the PID creation.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager