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 El Capa Associates, a Texas LLP and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider approval of economic development agreements with Peyco entities for installation of sprinkler system at 201 Sentry Drive.
Recommendation
Staff defers to City Council.
Description/History
201 Sentry Drive in Mansfield, Texas is an existing 25,000 SF Tilt-wall Industrial Office/Warehouse facility on an approximate 2.3+- acre tract of land at the southwest corner of Sentry Drive and Antler Drive in the Sentry Industrial Park.
Eupen Cable occupied the property from February 2005 until March of 2016. The owner, Peyco, plans to put capital improvements in the property that include a fire suppression system, ADA Compliance upgrades, additional concrete for fire lane, backflow prevention systems, an electrical disconnect and possibly additional concrete parking, depending upon the tenant. These capital improvements will total an estimated $300,000.
Peyco made some capital improvements in the fall of 2015 in order to secure tenants. The total roof, gutter, and downspout replacements, costs were $203,995.76 and exterior painting was $6,200.
Peyco requested $160,000 in assistance for the installation of a fire suppression system. At the April 5th Board meeting, the MEDC voted to recommend assistance not to exceed $100,000 toward the fire suppression system, reimbursable after providing proof that they have secured a tenant with a minimum 3 year lease and 10 primary jobs.
Funding Source
4A
Prepared By
Scott Welmaker, Mansfield Economic Development Corporation, 817-266-5890