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 a First Amendment to TIRZ No. 14 Reimbursement Agreement and Economic Development Program Chapter 380 Agreement for such purposes with 42 Alcott, LP (the "Developer") and the Board of Directors of Reinvestment Zone No. 14, City of Mesquite, Texas ("Alcott Station"), regarding: (I) The Developer's construction of a Class A industrial building located at 3301 East Glen Boulevard and 3300 East Glen Boulevard, Mesquite, Texas (collectively the "Property"), (II) The acquisition from the City and by the Developer of approximately 1.72 acres of land currently dividing the Property and (III) The granting to Developer of certain TIRZ reimbursements and 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 First Amendment to the agreement and administer the First Amendment on behalf of the City.
Body
42 Alcott, LP, an entity of 42 Real Estate and SLJ Company, entered into an agreement to construct a 350,000-square-foot building with a capital investment of $20 million at the corner of East Scyene Road and Faithon P. Lucas, Sr., Boulevard within Alcott Logistics Station, TIRZ No. 14, Mesquite, Texas, on December 6, 2021.
The developer approached the City prior to the first deadline in July 2024 with a request for a First Amendment involving the timing of the obligations outlined in the agreement.
Background:
The developer is eligible through the terms of the agreement for a grant and TIRZ reimbursement to offset exceptional costs for infrastructure required to make the site viable for industrial development which includes removal and conveyance of a 1.76-acre tract of East Glen Bo...
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