Title
Conduct a public hearing and consider a resolution consenting to the assignment by 42 Alcott, LP, a Texas limited partnership, acting by and through its general partner, 42 C 2021, LLC, a Texas limited liability company ("Assignor"), to Alto Alcott Station, LP, a Delaware limited partnership ("Assignee"), of Assignor's interest in that certain TIRZ #14 Reimbursement Agreement and City Chapter 380 Incentive Performance Agreement dated effective December 6, 2021, and a First Amendment to TIRZ No. 14 Reimbursement Agreement and Economic Development Program Chapter 380 Agreement ("First Amendment"), dated effective January 21, 2025, for the development of 3300 and 3301 East Glen Boulevard, Mesquite, Texas, and authorizing the City Manager to finalize and execute the Assignment and Assumption agreement and administer it on behalf of the City.
Body
42 Alcott, LP, notified the City of the intent to sell the land, known as Tract E Alcott Station, to Alto Investments, with a request of the City to approve the assignment of the existing agreements, including obligations, terms, and conditions, to Alto Alcott Station, LP.
In summary:
* Alto, as developer, would assume the obligations:
- Build a minimum 350,000-square-foot industrial facility; commence construction by July 31, 2027, and complete construction by July 31, 2030
- Remove pavement and utilities from East Glen Boulevard by July 31, 2027
- Construct easement improvements including public trails
* Alto would receive the terms obligated by the City:
- Convey East Glen Boulevard 1.8-acres of land to the developer
- Reimburse 100 percent of the Roadway Impact fees
- Provide for up to $5.25M qualified TIRZ project expenditure reimbursement of the following projects (as needed)
o Excess costs for removal of East Glen Boulevard if more than the Roadway Impact Fee reimbursement
o Storm drainage and retention estimated $3.4M
o South easement improvements (trail/landscaping) estimated $728,000.00
o Other easement i...
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