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 Kroger, Texas L.P. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of the Economic Development and Performance Agreement with Kroger, Texas L.P.
Recommendation
Approval of the Economic Development and Performance Agreement with Kroger, Texas L.P.
Description/History
Kroger plans to expand their existing store at Matlock and Debbie by 24,422 sq. ft. (from 64,019 sq.ft. to 88,441 sq. ft.). This expansion will add 10 full time and 16 part time positions with an average hourly wage of $11.88 (excluding benefits). They anticipate an increase in annual taxable sales of $1,500,000 and the projected capital investment is $13.2 million (excluding the cost of the land).
On March 31, 2014 the MEDC Board voted 7 to 0 to provide Kroger assistance in the amount of $70,000 for fire hydrant and stormwater relocation. The expansion is to be completed no later than December 31, 2016.
Justification
This expansion will bring additional ad valorem and sales tax revenue to the city and create new jobs
Funding Source
4A
Prepared By
Scott Welmaker, Director Economic Development, 817-453-1006