Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving A Professional Services Agreement Between the City of Mansfield, TX and Arcadia Staybolt Land Investments, LLC., Regarding Incurred Costs Relative to the Staybolt Public Improvement District Creation; Finding That the Meeting at Which This Resolution is Passed is Open to the Public as Required by Law; and Declaring an Effective Date
Requested Action
Consider approval of the resolution.
Recommendation
Staff recommends approval.
Description/History
Staybolt Street is the entertainment district identified in the 2040 Future Land Use Plan. The developer intends to develop approximately 615 residential units as part of the overall Staybolt Entertainment District.
Justification
The Public Improvement District (PID) and its use in the district is in alignment with the Mansfield Economic Incentives Policy. The PID funding is required for the construction of the public infrastructure and public amenities within the district, whereas the development would not be possible without the PID creation.
This Professional Services Agreement will allow the owner of the property to fund the incurred costs of the creation and administration of the PID so there is no cost to the City.
Funding Source
N/A
Prepared By
Matt Jones, Assistant City Manager