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 The American National Bank of Texas, and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider the American National Bank of Texas Economic Development Agreement
Recommendation
The MEDC Board has recommended reimbursement not to exceed $125,000, allocated proportionally to the non-bank lease space, to assist ANBT in providing water, sanitary sewer, storm drainage, electrical and communication, turn lane and associated permit fees at the 10 acre site at the southwest corner of Broad and Matlock in Mansfield, TX.
Description/History
American National Bank has acquired a 2.2 acre site at the SW corner of Matlock Road and Broad Street. They plan to construct a 19,497 sf, two-story, class A office building on the site. American National Bank will occupy 5,000 sf and will be relocating 8 jobs from their current lease space at Matlock Road and Country Club. The remaining net leasable area is estimated to be 10,092 sf.
The projected new capital investment for the project is approximately $5,000,000.
Although the site is on 2.2 acres, the City of Mansfield Planning Department, under the Reserve development standards, is requiring a 10 acre master plan for the site. As this is the first development for this site, certain infrastructure is being required for the entire master plan, including a new right turn lane as well as switches and cabling for electrical and telephone service to serve the area.
Justification
Mansfield is lacking Class A, professional office space for lease and this building would provide a good opportunity to attract potential professional service and medical office tenants to the community. In addition, the infrastructure improvements will make the full 10 acre trac...
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