Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Nominating Mouser Electronics, Inc. as an Enterprise Zone Project Under the Texas Enterprise Zone Act; and Providing an Effective Date
Requested Action
Consider approving the Resolution nominating Mouser Electronics, Inc. for the Texas Enterprise Zone program.
Recommendation
Approve the Resolution nominating Mouser Electronics, Inc. for the Texas Enterprise Zone program.
Description/History
Mouser Electronics continues to grow and invest in Mansfield. They have recently completed construction of their warehouse facility expansion and new 50k sq. ft. customer service center. This project was nominated by the City as a Texas Enterprise Zone project in May of 2017 per the attached Ordinance. They will now expend at least $5 million over the next five years on equipment and technology infrastructure and are seeking another Texas Enterprise Zone award for this investment. This investment will also assist in the retention of over 1,800 jobs.
The Texas Enterprise Zone Program is a State incentive program which reimburses the successful applicant the 6.25% state portion of sales tax they have paid for expenses related to the project for which the application is made. Enterprise Zone programs have no fiscal impact to the City of Mansfield. However, the City must nominate the project for Mouser to be eligible to apply for the program via the attached Resolution. The application deadline is September 1st. The first time a City participates in an Enterprise Zone project it must pass an Ordinance establishing the participation, then all subsequent nominations can be done via Resolution. The Enterprise Zone Ordinance was established in May 2017 with Mouser's previous nomination.
Justification
Mouser continues to make a positive economic impact on the City of Mansfield. This investment will generate additional tax revenue and retain a large number of jobs.
Funding Source
Not Applica...
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