Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas Approving a Chapter 380 Economic Development Agreement with M-3 Ranch Development, Inc. for Infrastructures and Improvements Within and Related to a M-3 Ranch Development; and Providing an Effective Date
Requested Action
City Council consider the Resolution authorizing the City to enter into a Chapter 380 Development Agreement with M-3 Ranch Development, Inc.
Recommendation
City Council of the City of Mansfield, Texas consider the terms of the Chapter 380 Development Agreement with M-3 Ranch Development, Inc.
Description/History
The City of Mansfield, Texas has been considering the development of this tract of land for many years. The property is generally located in the southwestern area of the City. It is a master planned community that includes amenities to service residential properties within the development and the expected average home value in the community is over $340,000. The community is expected to add many thousands in population to the City’s population or about 5,000 residents. M-3 Ranch Development Team anticipates that the community will generate over $660,000,000 in new property value within the City from the residential improvements alone. M-3 Ranch, Inc., has requested financial assistance in improving the tract of land.
Justification
N/A
Funding Source
Property tax revenue generated from the development.
Prepared By
Peter Phillis, Deputy City Manager
817-276-4261