File #: 24-5932    Version: 1 Name: Resolution - A Resolution by the City of Mansfield, Texas Approving an Agreement with Cap House Mansfield, LLC, pursuant to an economic development program established under Chapter 380 of the Texas Local Government Code to promote economic development an
Type: Resolution Status: Passed
File created: 3/15/2024 In control: City Council
On agenda: 3/25/2024 Final action: 3/25/2024
Title: Resolution - A Resolution of the City of Mansfield, Texas Approving an Agreement with Cap House Mansfield, LLC Pursuant to an Economic Development Program Established under Chapter 380 of the Texas Local Government Code to Promote Economic Development and Stimulate Business and Commercial Activity in the City
Sponsors: Rachel Bagley
Attachments: 1. Resolution, 2. Agreement, 3. Exhibit B, 4. Exhibit B-1

Title

Resolution - A Resolution of the City of Mansfield, Texas Approving an Agreement with Cap House Mansfield, LLC Pursuant to an Economic Development Program Established under Chapter 380 of the Texas Local Government Code to Promote Economic Development and Stimulate Business and Commercial Activity in the City

 

Requested Action

Consider the Resolution

 

Recommendation

To Approve the Resolution

 

Description/History

The proposed agreement will provide a $12,352 economic development loan for the grease trap installation at 310 E Broad Street for purposes of delivering an ice cream shop, open to the public (see information in letter from applicant).

 

Justification

This is a loan that is forgiven if a restaurant user is in place over the next five years.

 

Funding Source

General Fund

 

Prepared By

Rachel Bagley, MEDC Director of Marketing and Innovation & Downtown Coordinator