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File #: 22-4860    Version: 1 Name: Resolution - Consideration and Approval of a Resolution Authorizing an Economic Development and Tax Increment Reinvestment Zone Reimbursement Agreement Between Hoque Global and the City of Mansfield and the TIRZ #2 Board of Directors
Type: Resolution Status: Passed
File created: 8/26/2022 In control: City Council
On agenda: 9/12/2022 Final action: 9/12/2022
Title: Resolution - Approval of a Resolution of the City Council of the City of Mansfield, Texas, Approving a TIRZ Development Agreement for Reinvestment Zone Number Two, City of Mansfield, By and Between the City of Mansfield, Texas, the Board of Directors of Reinvestment Zone Number Two, City of Mansfield, and HGRC Mansfield, LP; and Providing an Effective Date
Sponsors: Jason Moore
Attachments: 1. Resolution, 2. Development Agreement
Title
Resolution - Approval of a Resolution of the City Council of the City of Mansfield, Texas, Approving a TIRZ Development Agreement for Reinvestment Zone Number Two, City of Mansfield, By and Between the City of Mansfield, Texas, the Board of Directors of Reinvestment Zone Number Two, City of Mansfield, and HGRC Mansfield, LP; and Providing an Effective Date

Requested Action
Approve the agreement and authorize the City Manager to execute the agreement

Recommendation
That the City Council approve the agreement and authorize the City Manager to execute the agreement and the necessary closing documents for the sale of the land.

Description/History
In October of 2021, the City Council implemented a new plan that rezoned over 220 acres of land in Historic Downtown Mansfield, to a form-based code named the “Downtown District.” The goal of the plan is to increase private investment and therefore assist in the revitalization of Historic Downtown. The plan expands living, working and gathering options in the area and preserves its historic character and aesthetic.

The Downtown District supports the continued evolution and prosperity of Historic Downtown Mansfield by delivering a specific set of placemaking controls that guide the visual quality of the public realm, encourage a rich mix of activities and reinforce timeless principles for architecture.

With this plan underway, Council directed staff to recruit developers that have proven themselves as leaders in these types of downtown, mixed-use developments. Staff went directly to Hoque Global and presented the case for coming to downtown. Executives from Hoque Global toured the city and were excited to be a part of the transformation and catalyzation of Historic Downtown Mansfield. Furthermore, they presented a mixed-use development concept on the city-owned property, located on the northeast corner of Smith Street and Elm Street (approximately 4 acres).

With significant private investment on the 4 acre...

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