File #: 18-2907    Version: 1 Name: Possible action on partial Assignment, Assumption, and Consent Agreement between MEDC, Lonejack, LLC, and Lonejack II, LLC
Type: Discussion Item Status: New Business
File created: 9/25/2018 In control: Mansfield Economic Development Corporation
On agenda: 10/2/2018 Final action: 10/2/2018
Title: Possible action on partial Assignment, Assumption, and Consent Agreement between MEDC, Lonejack, LLC, and Lonejack II, LLC
Attachments: 1. Lonejack Assignment request to MEDC 9-19-18.pdf, 2. Signed EDA - Sellmark.pdf

Title

Possible action on partial Assignment, Assumption, and Consent Agreement between MEDC, Lonejack, LLC, and Lonejack II, LLC

 

Requested Action

Consider request from Lonejack, LLC to assign their Economic Development and Performance Agreement to Lonejack II, LLC

 

Recommendation

Staff recommends approval of the requested assignment.

 

Description/History

On August 16, 2018, MEDC entered into the attached Economic Development and Performance Agreement with Lonejack, LLC (Sellmark) for an expansion on their existing building and the development of 167,000 SF of industrial  space on the adjacent property. Lonejack, LLC wishes to assign the 167,000 SF of industrial space on the adjacent property to Lonejack II, LLC.  The attached letter is requesting assignment of the Economic Development and Performance Agreement.

 

Justification

Lonejack, LLC has met all of their obligations to this point.

 

Funding Source

4A

 

Prepared By

Laurie Fleiner, MEDC, 817-728-3653