Title
Conduct a public hearing and consider a resolution approving the terms and conditions of a program (Chapter 380 Agreement) to promote local economic development and stimulate business and commercial activity in the City and authorizing the City Manager to finalize and execute an agreement for such purposes with 2202 E Scyene Rd, LLC, for a proposed business facility expansion at 2202 Scyene Road, Mesquite, Texas.
Body
Loretta Wallace, President of 2202 E Scyene Rd, LLC, and building tenant GPS Inventory Solutions, purchased the land and structure at 2202 Scyene Road as a bank foreclosure property in 2011, investing approximately $1 million to clean up the property for use as the GPS Inventory Solutions' Mesquite location. GPS Inventory Solutions has been operating in the Dallas area for over 30 years. The company works with industrial manufacturers to manage their slow moving end of life service parts by providing management, storage and distribution of this type of inventory. 2202 E Scyene Rd, LLC, serves as the real estate holding entity for GPS Inventory Solutions.
2202 E Scyene Rd, LLC, is considering a two-phase expansion of the current 45,000-square-foot Mesquite facility to a potential build-out of approximately 135,000 square feet, including a portion for lease space to additional companies, by adding new space as follows:
Phase Size Investment Jobs RIF|109|50,000 square feet $2 million 4-5 $44,914|109|40,000 square feet $2 million unknown $17,923
90,000 total $4 million $62,837*
2202 E Scyene Rd, LLC, is requesting a reimbursement of all Roadway Impact Fees (RIF) as an incentive to invest in the real estate expansion, paid upon completion of each phase of the expansion. Phase 1 will also require that 50 percent of the new building be leased to GPS Inventory Solutions. The expansion will provide space for company growth of GPS Inventory Solutions, as well as market lease space for other new businesses to locate in Mesquite.
*The Chapter 38...
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