Title
Conduct a public hearing and consider a resolution authorizing the City Manager to finalize and execute the Second Amendment to Chapter 380 Grant Agreement by and between RealTruck Enterprise, Inc. (RTE) (as the new developer) and the City of Mesquite (City), amending the Chapter 380 Economic Development Program Agreement by and between Vehicle Accessories, Inc. (VAI) (as the original developer) and the City, as previously amended and authorizing the City Manager to finalize and execute an Assignment and Assumption of Chapter 380 Grant Agreement by and between VAI and RTE, for the development of 2700 East Scyene Road in the City of Mesquite, Texas.
Body
Vehicle Accessories, Inc., entered into a Chapter 380 Grant Agreement with the City of Mesquite effective September 20, 2021, to open headquarters and consortium of automotive industry companies in 2800 East Scyene Road, a newly constructed industrial building erected by Jackson-Shaw Company. The agreement was amended effective October 1, 2022.
On March 5, 2025, RealTruck, Inc., acquired the capital stock and assets of Vehicle Accessories, Inc., which assigned all rights, responsibilities, and obligations of Vehicle Accessories, Inc. under the City Chapter 380 agreement to RealTruck, Inc.
The original agreement provides a 10-year annual incentive of a Business Personal Property (BPP) tax equivalent grant of one hundred percent in years 2025 – 2027; seventy-five percent in years 2028 – 2030; and fifty percent in years 2021 – 2034, in exchange for the company occupying 310,000 square-feet (100 percent) of 2800 East Scyene Road, making a $10 million capital investment, providing 315 new jobs, and expending $13.5 million annual payroll throughout the term of the agreement.
The Second Amendment authorizes RealTruck, Inc. to obtain the incentives moving forward from the effective date of the Second Amendment and requires RealTruck, Inc. to fulfill the obligations of the agreement with two proposed changes:...
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