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 Ash Joint Venture, LTD and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider approval of economic development agreement with Peyco entities for installation of a fire suppression system at 102 Sentry
Staff Recommendation
Approve development agreement contingent on Peyco dedicating the ROW necessary for the realignment of Price Road.
Description/History
102 Sentry Drive is an existing 135,000 sf Industrial facility on an approximate 9+- acre tract of land at the northwest corner of Sentry Drive and South Main Street.
This property was originally built in 1978. Valmont-Newmark Inc. was the last tenant that occupied the property, and they occupied from 1998 until 2015.
Peyco requested $240,000 assistance with the installation of the sprinkler system. At the April 5th Board meeting, the MEDC voted to provide assistance in the amount of $100,000 for 102 Sentry, reimbursable after they secure a tenant with a minimum 5 year lease and 20 primary jobs, as defined in Section 501.002(12) of the Texas Local Government Code.
Funding Source
4A
Prepared by
Scott Welmaker, Mansfield Economic Development Corporation, 817-266-5890