Title
A resolution authorizing the City Manager to finalize and execute a Master Developer Agreement regarding the development of approximately 60.31 acres of land generally located south of Gross Road, east of North Peachtree Road, north of the Union Pacific Railroad and west of Interstate Highway 635 in the City of Mesquite, Texas, and being commonly referred to the "Verde Center" or the "Verde Center at Peachtree" and authorizing the City Manager to administer the agreement on behalf of the City and specifically repealing Ordinance No. 79-2017.
Body
In 2008, the City of Mesquite entered into an agreement with Lang and Company for the development of property on the east side of Peachtree Road near the Skyline intersection. The property was acquired by the City following a failed development through the Resolution Trust Corporation in the early 1990s.
The initial agreement envisioned a commercial restaurant and hotel development on the property. The developer was responsible for placing the infrastructure on the property which would included a bridge over South Mesquite Creek which runs through the property. The roadway would connect Peachtree to a future frontage road along IH 635. The City participated in the project by funding trail improvements at a cost of $600,000 and essentially donating the property.
Following the downturn in the economy, the developer evaluated multiple options to encourage development on the property. In 2013, the developer focused efforts on a medical complex consisting of a wellness center and medical office facilities along with restaurant and commercial development. The State Legislature created a Medical Management District (MMD) in 2013 to support this concept. The project is now referred to as The Verde Center at Peachtree.
The MMD is a special district that is self-governed and is a political subdivision of the State of Texas. The MMD may levy taxes or assessments on property within the district, but does not replace th...
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