Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving a Land Sale and Performance Agreement by and Between the Mansfield Economic Development Corporation (“MEDC”) and Hoffman Cabinets, Inc., a Texas Corporation (Hoffman) and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider the Hoffman Cabinets Economic Development Agreement.
Recommendation
The MEDC Board has recommended selling the property to Hoffman Cabinets for the October 2012 appraised value of $225,000.
Description/History
Hoffman Cabinets builds custom cabinets for the residential housing market at 204 Sentry in Mansfield, where they have been since 1978. In the past few years they have experienced unprecedented growth and are completely out of space. The company has evaluated many options, including moving to Arlington or Burleson. They have indicated that they would prefer to remain in Mansfield if they find it to be the best business decision. They currently employ about 200.
Hoffman’s goal is to have all operations under one roof eventually. They are in the process of purchasing the existing building at 1206 Antler which will buy them some time to move some of their operations and parking to that site. As a part of that strategy, they also requested That MEDC sell them the 5.472 acre MEDC tract adjoining 1206 Antler.
MEDC is currently designing the extension of Antler Drive through to FM917 to improve traffic flow in the industrial area.
The MEDC Board made the following recommendation:
· To sell the adjoining 5.472 acre MEDC tract for $225,000 with a 6 month due diligence period and 3 years to either build or request a 2 year extension. If a new building on the land does not materialize, MEDC could exercise an option to repurchase at original purchase price of $225,000.
Justification
Hoffman Cabinets is one of Mansfield’s largest and oldest private employers.
Funding Sou...
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