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 MM Mesquite 50, LLC (the "Developer"), a Texas limited liability company, providing a grant to reimburse the developer for certain costs and expenses incurred by the developer in connection with the design and reconstruction of a portion of Peachtree Road, located within Mesquite Rodeo City Reinvestment Zone, Number One, City of Mesquite, Texas, as part of a mixed use development containing retail, restaurant, office, residential components and other associated uses in accordance with City Ordinance No. 4595 (the "Iron Horse Project") in the City of Mesquite, Texas, and authorizing the City Manager to administer the agreement on behalf of the City.
Body
A portion of the Iron Horse Village development includes 90 townhomes on an 8.318-acre tract abutting South Peachtree Road (directly across McDonald's), and the west right-of-way of Peachtree Road that abuts the development will need to be widened in order to facilitate double access entry into the townhome development. For consideration of the conveyance of the 5.315 acre City-owned tract (located on Rodeo Drive across from the Convention Center) to the Developer, the Iron Horse Development Agreement requires the Developer to set aside $650,000 within their private construction loan financing to pay for the widening of Peachtree Road and the replacement of an existing traffic signal mast arm at the intersection of Scyene Road.
Evidence of the funding set-aside must be submitted prior to the sale of the PID bonds, and the City Tract Economic Development Agreement and any deed or dedication of the City Tract shall provide that if construction of private horizontal improvements has not occurred withi...
Click here for full text