Title
Conduct a public hearing and consider a resolution approving an Amended and Restated Chapter 380 Economic Development Program Agreement ("Agreement Two"), by and between the City of Mesquite, Texas, a Texas home-rule municipal corporation ("City"), and Town East Mall, LLC, a Delaware limited liability company ("Company"), regarding a new electronic freeway-oriented marquee sign; and authorizing the City Manager to finalize, execute, and administer said Agreement Two.
Body
Town East Mall, LLC, proposes to engage in an agreement and ground lease with Premier Community Signs, LLC, to remove the existing Marquee Sign for the purpose of rebuilding a modern sign that is 66-feet, 6 inches-tall by 26-footbase, displaying a 672-square-foot LED display screen facing north and south adjacent to IH-635.
The original agreement became effective on March 13, 2013, with advertising on the sign restricted to being sold to businesses only within the Town East Retail and Restaurant Area (TERRA) overlay. The City received twenty-five percent of gross revenues received from revenues paid to Town East Mall in conjunction with the sign.
To date the agreement's performance is as follows:
Original incentive grant amount: $700,000.00
Repayment received through advertising income: $61,030.00
Balance owed to the City: $638,969.00
The amended and reinstated agreement outlines the terms and conditions, including removing the restriction of advertising sales being limited to businesses within the TERRA overlay. This change opens new revenue opportunities to Town East Mall, for which the City will continue to receive twenty-five percent of the advertising sales revenue, as well as twenty-five percent of the ground lease revenue received from Community Signs, LLC, and paid to Town East Mall, for the land area under the new sign.
The agreement further provides conditions for repair, non-operational periods, adherence to City codes and ordinances, sale of the tract ...
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