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 Stepp /WCJ Investments, LLC. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Approval of Economic Development Agreement between MEDC and Stepp / WCJ Investments, LLC
Recommendation
Approval of Economic Development Agreement between MEDC and Stepp / WCJ Investments, LLC
Description/History
Staff was contacted several months ago by a representative of the William C. Jennings Company, a well respected commercial real estate firm in Fort Worth, regarding a 30,000 sq. ft. building they acquired at 208 Sentry Drive in Mansfield. Jennings has identified a tenant interested in leasing 15,000 sq.ft. of the building conditioned upon certain improvements being made. Jennings already made nearly $100,000 in improvements to the building prior to putting it on the market for lease. . In addition, Jennings wants to make improvements to the remaining 15,000 sq.ft. in order to make it more attractive to other potential users.The total cost of all of the improvements needed is $348,600. Jennings requested $71,700 from MEDC to help defray some of these costs.
At the December 3, 2013 MEDC Board meeting, the Board voted 6 to 0 (Mr. Heftler was absent) to provide $53,700 in assistance for electrical work, sprinkler repair, fire hydrant / fencing and changing the size of the water meters.
Justification
This would help secure a new company for Mansfield and improve additional existing industrial space to attract future users.
Funding Source
4A
Prepared By
Richard Nevins, Assistant Director Economic Development
817-453-1006