Title
Conduct a public hearing and consider a resolution approving the termination of an Economic Development Program Chapter 380 Agreement between the City, Elements Sleep, LLC, and Style-Line Furn., Inc., dated effective February 2, 2021, and approving the terms and conditions of a new Economic Development Program Chapter 380 Agreement between the City and Elements Sleep, LLC, to promote economic development and incentivize Elements Sleep, LLC, to continue manufacturing boxed mattresses at an industrial building located at 1475 Republic Parkway, in the City of Mesquite, and authorizing the City Manager to finalize and execute the agreement and administer it on behalf of the City.
Body
Elements Sleep, LLC, notified the City that the parties to the Chapter 380 Agreement, approved by the City Council on February 1, 2021, Elements Sleep, LLC, and Style-Line Furn., Inc. were restructuring ownership in the company.
In summary:
• Style-Line (SFL) is no longer operating in the building.
• The entity Elements Sleep is meeting the obligations of the Chapter 380 Agreement and are assuming all obligations of the entity Style-Line Furn., Inc.
Without any changes to the business terms and obligations, the proposed new agreement will be between the City of Mesquite and Elements Sleep, LLC.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Kim Buttram
Head of Department
Kim Buttram