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 R&P Chappell Family, L.P. and Authorizing its Execution by the President of the MEDC; and Providing an Effective Date
Requested Action
Consider request for assistance from Basic Components, Inc.
Recommendation
At the June 5 MEDC Board meeting, the board recommended reimbursement of actual cost, not to exceed $112,000, for fire protection, fire lanes and storm drainage improvements.
Description/History
Basic Components Inc. (BCI) is a family owned business in its second generation of ownership. BCI is a wholesale distribution facility to the manufactured housing, modular housing, cargo trailer and utility trailer market which built and moved into their 2nd Ave. facility in 1995. At present, BCI employs 25 people from Mansfield and the immediate surrounding area.
The current BCI facility, located at 1201 S. 2nd Ave., consists of 82,120 SF of distribution. BCI is planning to expand its current facility by 24,000 SF for a total of over 100,000 SF. The total capital investment for this expansion is $1,354,000.00. This expansion is estimated to generate up to 8 new jobs over the next 5 years.
BCI is requesting assistance in the amount of $177,559 to cover a variety of items. The MEDC board recommended assistance with the following items:
• Fire Protection - $57,200
• Fire Lanes - $46,246
• Storm Drainage - $8,000
Justification
This project would create additional jobs and investment to a long standing Mansfield business.
Funding Source
4A
Prepared By
Richard Nevins, MEDC, 817-728-3652