Title
Conduct a public hearing and consider a resolution approving the terms and conditions of a program to promote local economic development and stimulate business and commercial activity in the City, authorizing the City Manager to finalize and execute an Economic Development Program Agreement (Chapter 380 Agreement) with Matco Investments, for the major renovation and redevelopment of the property located at 1835 North Galloway Avenue, in the City of Mesquite, Texas, and authorizing the City Manager to administer the agreement on behalf of the City.
Body
In 2022, a majority of the Northridge Shopping Center at 1805 North Galloway Avenue, Mesquite, Texas, underwent major renovation and redevelopment which resulted in a new tenant-mix for the center, doubling the property valuation on the tax rolls and adding new sales tax receipts to the City of Mesquite’s revenue.
Under a separate ownership but including one of the partners in the Northridge project, Matco Investments obtained additional facilities connected to the Northridge center, being located at 1835 North Galloway Avenue, Mesquite, Texas. This portion of the center is in sever decline and disrepair, hindering the appearance and ability to improve the tenant-mix of the center as a whole.
Matco requested economic development incentives from the City of Mesquite to aid in the rehabilitation and appearance of the property. The proposed Chapter 380 Agreement provides the developer a one-time grant payment of $50,000.00, should Matco complete a minimum of $150,000.00 in capital improvements - including new façades and signage - by July 31, 2024.
City Council authorized staff to proceed with drafting the Chapter 380 Agreement in an Executive Session on August 21, 2023.
The attached resolution will authorize the City Manager to finalize and execute a Chapter 380 Agreement that outlines in detail the responsibilities and obligations of the developer and the City.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Kim Buttram
Head of Department
Kim Buttram