Title
Resolution - A Resolution Authorizing a Development Agreement with Meehan Properties for Public Improvements to Property Within Reinvestment Zone Number Two
Requested Action
The approval of a resolution authorizing a development agreement with Meehan Properties for Public Improvements to property within tax increment reinvestment zone number two.
Recommendation
Staff recommends approval.
Description/History
The City has negotiated an agreement with Meehan Properties that would allow for Meehan Properties to improve the currently vacant Mellow Mushroom property located at 101 S. Main St. The improvements and recruitment of new commercial activity to this location in Historic Downtown Mansfield directly supports the Downtown Development Strategies which were adopted on July 27, 2020.
Justification
The City has determined that granting the requested economic incentives and concessions will serve the public interest by promoting the success of the Restaurants and other nearby businesses that provide needed economic development in the City.
Funding Source
Tax Increment Fund #2
Prepared By
Matt Jones
Assistant City Manager
817-276-4228