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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) with Town East Shopping Center, LLC, a Texas limited liability company, for the major renovation and redevelopment of the property located at 3301 North Town East Boulevard, 2937 Motley Drive, and 2945 Motley Drive, Mesquite, Texas 75150, in the City of Mesquite, Texas, and authorizing the City Manager to administer the agreement on behalf of the City.
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The first strip shopping center constructed in Mesquite, known as the Town East Shopping Center, was constructed in 1970 and consists of an approximately 58,000 square feet of retail space on almost 12-acres.
Developer CenterPoint Commercial Properties - who redeveloped Northridge Center and Town Crossing Shopping Center in Mesquite - purchased the Town East Shopping Center property in 2023 with the intention of remodeling the existing main structure, replacing substandard structures, and adding new businesses to the ample space on the property.
CenterPoint will incur extenuating costs associated with the property due to deferred maintenance over many years and is requesting participation from the City in the way of incentive grants and tax rebate grants. City Council authorized staff to move forward with an incentive package in Executive Session on June 30, 2023, and again in an Executive Session update on March 6, 2024.
The proposed Chapter 380 Agreement provides the developer a grant payment of up to $250,000.00, should the developer complete a minimum of $750,000.00 in capital improvements - including new fa?ades and signage - within two years of the effective date of the agreement, as well as provide parking lot improvements and make ready at least three additional pad sites on the pr...
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