Title
Staff Report, Board Discussion and Possible Action Regarding the Land Transaction with Super Studios USA
Requested Action
Consider the land transaction
Recommendation
To approve the transaction
Description/History
MEDC has worked with Super Studios USA to develop a state of the art development to include sound stages, mill shops, office, and employer amenities on MEDC owned property in the Mansfield Industrial Business Park. As part of the updated agreement, MEDC would sell approximately 20 acres to Super Studios USA for $1 in order for them to leverage the land as part of an incentive to develop two sound stages, associated office space and mill shops, on the land.
Justification
The fair market value established for the property contemplates $5/acre being used as the incentive to move the project forward.
Funding Source
N/A
Prepared By
Natalie Phelps, Economic Development Manager, 817-728-3653