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Consider Verde Center Partners, LLC's request to extend compliance deadlines of the Master Developer Agreement effective June 8, 2018, with HQZ Partners, LP, MCG-124, LLC, and the Mesquite Medical Center Management District, as amended, for the Verde Center Project located at 21100 LBJ Freeway and authorize the City Manager to finalize and execute the extension.
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In June 2018, the City of Mesquite entered into a Master Developer Agreement for the Verde Center Project, a mixed-use development centered around a healthy living center/medical office development. The Agreement outlines the expectations of the City and the Developer with regards to development standards, infrastructure requirements and reimbursements from the Skyline Tax Increment Reinvestment Zone (TIRZ) No. Seven.
The Agreement allowed time for the Developer to seek contracts with potential users and acquire funding sources for the development. The Developer committed to completion of specific elements of the proposed project by June 8, 2023, including the completion of roadway infrastructure that would connect existing bridge infrastructure to Peachtree Road. The agreement also called for initiation of construction for one of the proposed concepts of the development, evidenced by vertical construction in the form of building framing. To date, the Developer has not submitted plans or applied for permits for either component outlined above.
The complexities of this site have been challenging for the Developer since the initial agreement with the City in 2007. The property is bisected by South Mesquite Creek, a major drainage system through the City and limited access to Gross Road and LBJ Freeway. The Developer has implemented financial structures utilizing a state authorized Medical Management District, which is a separate taxing entity within the city limits. Additionally, the Skyline TIRZ covers the entirety of the property and would redirect property tax revenues back to t...
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