Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas, Approving an Economic Development Agreement Between the City of Mansfield, Texas, The Mansfield Economic Development Corporation, The Board of Directors of Reinvestment Zone Number Two, City of Mansfield, and Nack Development, LLC; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; Authorizing the City Manager or his Designee, The MEDC Board President, and Chairman of TIRZ #2 Board, to Execute Said Agreement; And Declaring an Effective Date (General Fund/MEDC/TIRZ #2)
Requested Action
Consider Approving the Resolution
Recommendation
To Approve the Resolution
Description/History
In 2022, the City began acquiring properties in the approximate 4-acre block west of Main Street and south of Broad Street, in historic downtown. To date, the city has ownership of all but one property in this block; but is working to close on the final piece over the next six months.
The City Council selected Nack Development, a developer with a unique experience in transformational projects in downtown Frisco and Old Town Lewisville, to deliver our own catalytic development to downtown Mansfield.
With the Fire Station #1 still in operation, city staff is working on the design and relocation of the station to the southeast corner of the Walnut Creek and Broad Street intersection. Because this process is about 24 months away, Nack development will acquire the northern half of the block from the city first, and then once the fire station relocation is complete, will acquire the final parcels of land.
Nack Development will deliver significant commercial square footage to downtown, in the form similar to the Dairy Block located in Denver, Colorado. Retail, restaurant and office space will dominate the development, while brownstones and some multifamily are expected in future phases. A series of pedestrian alleyways meander the development to create...
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