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 Chapter 380 Agreement with Landmark at the Meadows, LLC, for the construction and development of the property located at 2401 and 2601 East Meadows Boulevard, Mesquite, Texas, and authorizing the City Manager to finalize, execute and administer the agreement on behalf of the City.
Body
Momentum Advisory Services presented a formal letter of request for incentives on April 12, 2021, for the development of a proposed 355,000 square-foot office-warehouse development on a 25.4-acres undeveloped property at 2401 and 2601 East Meadows Boulevard, in Mesquite, Texas. The project has a capital investment of approximately $30,000,000, creating 71 new jobs.
The project developer, Landmark at the Meadows, LLC, is required to reconstruct both lanes of East Meadows Drive from US Highway 80 to a northern truck entry point of the site, plus reconstruct medians with turn lanes. Additionally, as a condition of the approved rezoning, the developer is required to construct new sidewalks on both sides of East Meadows to provide enhanced pedestrian safety in the area, enhance masonry screening and living screening walls, and provide a 25-foot landscape buffer on East Meadows Boulevard. These infrastructure improvements have an estimated cost exceeding $1.1 million. The developer requests a rebate of Water, Sewer, and Roadway Impact Fees to offset these exceptional development costs.
The City Council authorized staff to proceed with a Chapter 380 Development Agreement on May 17, 2021, in Executive Session, for an amount not to exceed $330,000.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Kim Buttram
Head of Department
Kim Buttram