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) and related Lease Agreement for such purposes with Grounded LLC, for the development of a restaurant and retail business in a City-owned building located in downtown Mesquite at 211West Main Street, Mesquite, Texas (the "Premises"), providing for the lease of the Premises with an option to purchase the Premises for such price and upon such terms and conditions as set forth in the Agreement and Lease, and authorizing the City Manager to administer the Agreement and Lease on behalf of the City.
Body
In 2025, the City of Mesquite purchased the property located at 211 West Main Street in Downtown Mesquite with the goal of utilizing the property for downtown development purposes.
Grounded LLC was selected to partner with the City of Mesquite for the business development project. The business model provides for a dining and entertainment entity, which is a priority in the downtown development strategy. Main negotiated points of performance include:
* Grounded LLC to operate a beverage, food and retail business that will also feature live entertainment and interactive programming.
* Grounded LLC to provide all tenant finishes in addition to all fixtures, equipment, fittings and furnishings as detailed in Exhibit D of the Lease.
* Grounded LLC must complete its improvements 90 days after completion by the City of City Improvements as detailed in Exhibit E of the Lease. Total cost of improvements must meet or exceed $60,000.
* A Certificate of Occupancy must be achieved on or before 180 days after City completes the City improvements.
* First six months of the lease period will be waived.
* Lease term is for five years with opportunity for two five-ye...
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