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 Oakhollow Group, Ltd.; 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
Since May 2022, staff has worked with Zang Adams and Oakhollow Development on a redevelopment plan for the MEDC office building at 301 S Main Street, the Kimball property to its east, and the city property connecting Kimball to the Backyard restaurant parking lot. The developer proposes 44 luxury for-sale townhomes on the land and will complete within four phases over the next several years. The first phase will include a commercial building fronting Main Street and Kimball, on the hard corner, with several townhomes to its south.
The redevelopment efforts will require public infrastructure enhancements to both Main Street and Kimball, and so the deal points reflect these efforts to accommodate the phasing plan.
The deal points of the agreement are summarized as follows:
· Sell property for $1
· Reimburse for actual demolition costs
· Provide public infrastructure to site
· Defer development and park fees - to be paid by TIRZ generated by development
· Commence Phase 1 (vertical construction) within 18 months of the agreement
· Deliver minimum taxable values:
o Phase 1 - $3.1 MM
o Phase 2 - $3.1 MM
o Phase 3 - $3.1 MM
o Phase 4 - $3.1 MM
Justification
Based on the strategies identified in the Downtown Strategic Plan, this site was listed...
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