Title
Resolution - A Resolution of the City of Mansfield, Texas, Approving an Economic Development Agreement Between the Mansfield Economic Development Corporation, and TMI Real Estate Ventures, LLC.; Authorizing the MEDC President To Execute Said Agreement; and Providing an Effective Date
Requested Action
Approval of the Economic Development Agreement with TMI Real Estate Ventures, LLC
Recommendation
Approval of the Economic Development Agreement with TMI Real Estate Ventures, LLC
Description/History
MEDC has been working with TMI Sports Medicine and Orthopedic Surgery to find a location in Mansfield. TMI is a sports medicine and orthopedic surgical practice founded in 2004 by Dr. Keith Meiste who, after having spent his first 11 years in Gainesville, Florida, was recruited by the Texas Rangers baseball club to come to Texas and provide medical services for the team. The first office of the practice was opened in Arlington in March 2015. TMI is now ready to construct a location in Mansfield at 75 Regency Parkway. This will be a state-of-the-art facility that will provide physician visits, physical therapy / rehabilitation, sports performance enhancement and prolonged fitness consultation. The facility will be approximately18,900 sq. ft.
The capital investment for this project is anticipated to be approximately $4.5 million. TMI will create 35 new jobs. There will be 10-12 support staff at $15 to $18 per hour. Physical therapists and Physician Assistants making $85k - $120k and Physicians making $400k to $700k.
TMI is seeking assistance with the installation of fire lanes, fire lines and fire hydrants with an estimated cost of $350,000.
Justification
This project will bring new capital investment and create new jobs resulting in a minimum of $31,050 a year in additional tax revenue to the City of Mansfield.
Funding Source
4A
Prepared By
Richard Nevins, Director Economic Development, 817-728-3652