Title
Resolution - A Resolution of the City of Mansfield, Texas, Approving an Economic Development Agreement Between the City of Mansfield, the Mansfield Economic Development Corporation, and Straumann Manufacturing, Inc.; Authorizing the Mayor and MEDC President to Execute Said Agreement; and Providing an Effective Date
Requested Action
Consider Approval of the Economic Development Agreement with Straumann Manufacturing, Inc
Recommendation
Approval of the Economic Development Agreement with Straumann Manufacturing, Inc
Description/History
Since April 2019, Staff has been working with the Straumann Group, an international, publicly traded company, headquartered in Basel, Switzerland, that researches, develops, and manufactures dental implants and related equipment. Their US headquarters is in Andover, Massachusetts. They have approximately 6,000 employees globally and about 800 in the US. Their annual global revenue is over $1.3 billion.
They have chosen a 36 acre site at the SE corner of US Highway 287 N and Heritage Parkway in Mansfield as the location for their new manufacturing facility. This facility will be built in three phases over the next 10 years. During this time Straumann will construct approximately 300k sq. ft. and make a capital investment of at least $171 million. They will also create over 700 jobs.
The Mansfield Economic Development Corporation and the City of Mansfield have negotiated economic development incentives, the terms of which are contained in the attached agreement. The MEDC approved this agreement by a vote of 6 to 0 at the April 7th MEDC Board meeting.
Justification
Straumann will make a capital investment of at least $171 million in facilities and equipment and create over 700 jobs in the City of Mansfield.
Funding Source
4A and General Fund
Prepared By
Richard Nevins, Director Economic Development, 817-728-3652