File #: 16-1960    Version: 1 Name: Possible Action To Authorize Funding For Drainage Channel Improvements for MEDC Property on 2nd Avenue
Type: Discussion Item Status: New Business
File created: 7/21/2016 In control: Mansfield Economic Development Corporation
On agenda: 8/2/2016 Final action: 8/2/2016
Title: Possible Action To Authorize Funding For Drainage Channel Improvements for MEDC Property on 2nd Avenue
Attachments: 1. Drainage Channel 2nd Ave Exhibit.pdf, 2. Crook 2nd Ave OPPC.pdf

Title

Possible Action To Authorize Funding For Drainage Channel Improvements for MEDC Property on 2nd Avenue

 

Requested Action

Consider approving funding not to exceed $160,000 for drainage channel improvements on the approximate 4.5 acre tract of land MEDC owns on 2nd Avenue to facilitate the future development of two separate lots.

 

Recommendation

Approve funding not to exceed $160,000 for drainage channel improvements on the approximate 4.5 acre tract of land MEDC owns on 2nd Avenue

 

Description/History

MEDC owns an approximate 4.5 acre tract of land that is currently divided by a large area of floodplain that essentially makes the property undevelopable. The requested drainage channel improvements as depicted on the attached exhibit prepared by Charles Crook Consulting. Inc. will divide the property into a developable 1.33 acre lot to the north of the channel and a 3.12 acre lot to the south of the channel. There is some interest from an existing industry in possibly acquiring the 3.12 acre lot once these improvements are made. The cost to make these improvements is not expected to exceed $160,000 based on the attached Opinion of Probable Cost.

 

Justification

This will provide MEDC with two industrial sites and make the property more marketable.

 

Funding Source

4A

 

Prepared By

Richard Nevins, Assistant Director, 817-728-3652