Title
A resolution approving the termination of the Economic Development Program Agreement (Chapter 380 Agreement) between the City of Mesquite and Lang and Company, LLC., dated February 27, 2008, relating to a proposed development of a tract 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.
Body
On February 18, 2008, the City Council approved a resolution to enter into an Economic Development Program Agreement (Chapter 380 Agreement) with Lang and Company, LLC for the purpose of developing the property at Peachtree and Skyline, generally known as the Peachtree Towne Center project. Due to the economic conditions following execution of the agreement, the developer was unable to develop the property according the terms of the agreement.
For the past several years, the City has been working with the developer to identify a project and financing structure that would move the development forward. In order to accomplish this, a new 380 agreement is necessary. In order to initiate a new agreement with the developer, the original 380 agreement must be terminated by the City Council. The developer is agreeable to this termination.
Recommended/Desired Action
Staff recommends council approve the resolution.
Attachment(s)
Proposed Resolution
Resolution No. 11-2008
Drafter
Cliff Keheley
Head of Department
Cliff Keheley