Title
Possible action on Assignment, Assumption, and Consent Agreement between MEDC, SJJH Mansfield, LLC, and Mansfield Station, LLC.
Requested Action
Consider request from SJJH Mansfield, LLC to assign their Economic Development and Performance Agreement to Mansfield Station, LLC
Recommendation
Staff recommends approval of the requested assignment.
Description/History
On July 1, 2014, MEDC entered into the attached Economic Development and Performance Agreement with SJJH Mansfield, LLC (Blue Star Development) for the development of the Sprouts anchored shopping center at the intersection of Debbie Lane and Matlock Road. SJJH wishes to sell the shopping center to Mansfield Station, LLC (Phillips Edison Company) and per the attached letter is requesting assignment of the Economic Development and Performance Agreement.
The total amount of assistance available under the agreement was $329,000. To date, $273,791.70 has been paid leaving a balance of $55,208.30 eligible to be claimed.
Justification
This has been a successful project and all of terms of the economic development agreement have been met.
Funding Source
4A
Prepared By
Richard Nevins, Assistant Director, 817-728-3652