Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development Agreement between the Mansfield Economic Development Corporation, and SCSD-Finnell a Limited Company; Authorizing the MEDC President to Execute Said Agreement; Finding that the Meeting at Which this Resolution is Passed is Open to the Public as Required by Law; And Providing an Effective Date (MEDC)
Requested Action
To Consider the Resolution
Recommendation
To Approve the Resolution
Description/History
SCSD-Finnell will plan, design, and construct a new 7,500 square foot commercial building at 1741 East Debbie Lane. The commercial building will be privately owned and operated by the developer. SCSD-Finnell will make a capital investment of no less than $3,000,000 and must receive a Certificate of Occupancy no later than December 31, 2026. The developer will create or retain a minimum of fifty (50) full-time employees during the construction of the commercial building.
Key Terms of the Agreement:
· Funding Mechanism: The project will benefit from MEDC funds used to repay obligations tied to the installation of a sanitary sewer line. The payment to be made by the corporation pursuant to the Economic Development Agreement shall be calculated as follows: The lessor of (i) 100% of the actual cost of the Improvements, or (ii) Seventy-Eight Thousand Six Hundred Dollars ($78,600).
· City Contributions: The City will not provide any additional funding.
· Developer Responsibilities: The developer is responsible for privately funding the construction of the 7,500 square foot commercial building and install a sanitary sewer line.
· Duration: The economic development agreement has a term of six (6) years, or until all terms have been satisfied, whichever comes first.
Financial Implications:
The City will use sales taxes generated by the project to cover public infrastructure costs. The developer will make the capital investment and install the sanit...
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