Title
Conduct a public hearing and consider a resolution approving a Second Amendment to TIRZ No. 12 Reimbursement Agreement, Repurchase Option Agreement and City Chapter 380 Incentive and Performance Agreement (Second Amendment) with IH 20 IP, LLC (Developer) and the Board of Directors of Reinvestment Zone No. 12, City of Mesquite, Texas (IH-20 Business Park) (TIRZ) regarding the developer's construction of an approximately 210.026-acre Class A Industrial Park in the TIRZ located at 925 McKenzie Road, 3400 McKenzie Road, 2700 McKenzie Road, 4800 Lasater Road and 4900 Lasater Road, Mesquite, Texas, and the acquisition from the City and by the Developer of approximately 100.264 acres of land in the TIRZ and located at 925 McKenzie Road and 3400 McKenzie Road, Mesquite, Texas, and the granting to the Developer of certain TIRZ reimbursements and economic development incentives and authorizing the City Manager to finalize and execute the Second Amendment and take such actions and execute such documents as are necessary or advisable to consummate the transactions contemplated by the Second Amendment and administer the Second Amendment on behalf of the City.
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Tax Increment Reinvestment Zone (TIRZ) No. 12 was created on June 4, 2018, by Resolution No. 31-2018, to provide a funding mechanism for the improvements needed to develop the land for commercial use. The project and financing plan was updated per the current project costs and scope and adopted by TIRZ No. 12 Board of Directors on May 15, 2023. The 30-year TIRZ plan estimates $51 million revenue allocated for allowable project costs and $51 million revenue to the City of Mesquite General Fund.
IH 20 IP, LLC, an entity of 42 Real Estate and SLJ Company, proposed in an agreement approved by the City Council on May 15, 2023, to construct a Class A Industrial Park along IH-20 at Lawson Road in Dallas County, Mesquite, Texas. The proposed development combines five tracts of land for a total of approximately...
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