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, execute and administer a Chapter 380 Economic Development Performance Agreement ("Agreement") for such purposes by and between the City of Mesquite, Texas, and Fritz Industries Inc. ("Company"), and granting the Company certain 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 agreement and administer the agreement on behalf of the City.
Body
The City of Mesquite proposes to enter into a Chapter 380 Economic Development Performance Agreement with Fritz Industries Inc. to support the company's expansion within Mesquite. Fritz Industries consolidated its headquarters, research and development, and all Texas operational functions into a single central location within the community at 500 North Sam Houston Road and 2900 Executive Boulevard.
The proposed agreement includes a one-time $100,000.00 cash grant paid upon execution of the agreement. In addition, the City of Mesquite would provide a twenty-five percent property tax rebate on the increased land and real property valuation above the 2023 base year for a period of ten years, and a fifty percent property tax rebate on increased business personal property valuation above the 2023 base year for a period of ten years, both beginning with the 2025 tax period.
The total maximum incentive available to Fritz Industries under this agreement is $600,000.00. The agreement requires the company to remain in continuous business operation in Mesquite for a minimum of ten years from the date of execution. During this period, Fritz Industries must maintain its headquarters, research and development, and manufacturing functions in Mesquite a...
Click here for full text