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, affirming termination of a prior Economic Development Program Agreement (Chapter 380 Agreement) with LF Gateway LP ("Company") for development of the property located at 3201 East Cartwright Road in the City of Mesquite, Texas ("Property") and waiving a $100,000.00 payment owed to the City by the Company, authorizing the City Manager to finalize and execute a new Economic Development Program Agreement (Chapter 380 Agreement) with the Company, regarding development of the Property, and authorizing the City Manager to finalize, execute and administer the new Chapter 380 Agreement on behalf of the City.
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In 2017, noting a market need in the area for new commercial development and in anticipation of future residential development in Southeast Mesquite, LF Gateway LP purchased a 6.787-acre tract at 3201 East Cartwright Road. The site is located at the southeastern corner of the intersection of Cartwright Road and Faithon P. Lucas, Sr., Boulevard, adjacent to John D. Horn High School.
The development includes approximately five freestanding retail buildings to be leased and/or sold to medical office, local retail and restaurant concepts. Exceptional costs of developing the site to improve ingress and egress include modifications to East Cartwright Road and the entrance to John D. Horn High School from Faithon P. Lucas, Sr., Boulevard.
A Chapter 380 Agreement, executed on July 14, 2021, provided an incentive package consisting of Grants based upon Real and Business Personal Property Tax paid to the City as a result of the development over ten years, as well as Water, Sewer and Roadway Impact Fees paid to the City during the development process. Roadway Impact Fees would be granted back to the developer 100 percent during the first five years of the project a...
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