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, execute and administer a Chapter 380 Economic Development Performance Agreement ("Agreement") for such purposes by and between the City of Mesquite, Texas, and Peter Piper, LLC, an Arizona limited liability company, ("Company") and granting to the Company certain economic development incentives, and authorizing the City Manager to take such actions and execute such documents as are necessary or advisable to consummate the transactions contemplated by the agreement, and administer the agreement on behalf of the City.
Body
The City of Mesquite proposes to enter into an agreement with Peter Piper, LLC, to facilitate the commercial redevelopment of an 11,000-square-foot site of an existing building located at 5550 South Buckner Boulevard, Suite 300, Mesquite, Texas 75149.
The proposed agreement requires the company to complete finish outs of an 11,000-square-foot Peter Piper Pizza brand family entertainment business within the Frontera Plaza, opening by August 31, 2026, and with a 6-year lease.
The agreement requires the Company to make a minimum of $2.4 million in capital improvements to the property and to hire and employ a minimum of 30 employees. The City of Mesquite will provide a one-cent State Sales and Use Tax rebate, to not exceed $250,000. The agreement requires that the total Sales and Use Tax paid to the City be at least $20,000.00 each year for six consecutive years of operations (estimated $2 million in taxable sales per year).”
Recommended/Desired Action
Following the public hearing, staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Alberto J. Rivera
Head of Department
Kim Buttram