Title
Consider a Second Amendment to the Contract of Sale Between MEDC and Nickson Mansfield Industrial,Ltd.
Requested Action
Consider approving the second amendment to the Contract of Sale between MEDC and Nickson Mansfield Industrial,Ltd.
Recommendation
Approve the Second Amendment to the Contract of Sale Between MEDC and Nickson Mansfield Industrial, Ltd.
Description/History
On March 11, 2019 the MEDC Board approved the sale of approximately 8.7 acres of land to Nickson Industrial Warehouses for the purpose of constructing a minimum of 2 office/warehouse buildings with a minimum capital investment of $3mm. On May 30, 2019, an amendment was executed extending the closing date by 30 days to September 23, 2019. Nickson is now requesting the name of the entity purchasing the property be changed to Nickson Heritage Industrial. LLC. An amendment has been prepared reflecting this change and staff is seeking approval for the Board for the President to execute this amendment.
Justification
The sale of this land will allow Nickson to construct new facilities resulting in additional property tax revenue and the creation of jobs in the City of Mansfield.
Funding Source
4A
Prepared By
Richard Nevins, Director Economic Development, 817-728-3652