CITY OF MANSFIELD - File #: 17-2482

• File #: 17-2482
• Version: 1
• Name: Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Heritage Parkway Partners LLC and Authori
• Type: Resolution
• Status: Passed
• File created: 9/6/2017
• In control: City Council
• On agenda: 9/25/2017
• Final action: 9/25/2017
• Title: Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Heritage Parkway Partners LLC and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
• Sponsors: Clayton Chandler, Scott Welmaker

Date	Ver.	Action By	Action	Result
9/25/2017	1	City Council	Approved	Pass

Title

Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Heritage Parkway Partners LLC and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date

Requested Action

Consider agreement with Heritage Partners

Recommendation

(1) Authorize reimbursement to Heritage Partners of $122,551.12, and (2) Authorize staff to terminate the current $400,000 agreement with Heritage Partners upon closing on the sale of the land to RMA and payment of the $122,551.12.

Description/History

Heritage Partners’ attorneys have requested a formal acknowledgement that MEDC will reimburse the funds upon Heritage Partners closing on the remaining land.

Justification

N/A

Funding Source

4A

Prepared By

Scott Welmaker, Director, MEDC