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 Universal Air Conditioner, Inc. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider Economic Development Agreement with Universal Air Conditioner, Inc.
Recommendation
Approval of Economic Development Agreement with UAC
Description/History
Universal Air Conditioner (UAC) is an automotive and truck air conditioning after-market parts distributor. In 2006, UAC purchased 34 acres on Heritage Pkwy for their relocation from Fort Worth. At that time, they built a 188,000 SF distribution facility. UAC is proposing a 160,000 SF expansion that will accommodate overall growth and additional product lines.
Currently, UAC employs 108 full time employees and 54 temporary employees. The 160,000 SF expansion is estimated to bring a minimum of 50 additional full time employees over the next 5 years. Committed capital investment is $6.6 million. They requested MEDC assistance of $565,325 for onsite improvements (attached).
At the July 11th MEDC Board meeting the MEDC Board recommended assistance in the amount of $350,000. MEDC Staff recommends that the grant, if approved, be paid out over two years.
Justification
UAC has shown a commitment to the Mansfield community with their relocation, construction of two spec buildings and this proposed expansion. They have continued to add to the Mansfield tax base and increased employee counts. MEDC participation ensures that UAC will remain in Mansfield for many years to come.
Funding Source
4A
Prepared By
Scott Welmaker, Director MEDC