Title
A resolution approving an amendment to an economic development program agreement (Chapter 380 Agreement) between the City of Mesquite, Texas, (the "City"), Elements International Group, LLC (the "Company"), and IDIL Skyline D, LLC, (the "Landlord"), dated effective May 1, 2019, relating to economic development incentives to the Company to relocate its world headquarters to 2250 Skyline Drive, Mesquite, Texas (the "Original Agreement"), amending the minimum taxable value of the land, building and business personal property to $22,000,000.00, collectively, and amending certain dates, provisions relating to the lease, and provisions relating to the initial term, the extended term and the incentive period (the "Amendment"); authorizing the City Manager to finalize and execute the Amendment for such purposes and to take all actions necessary or advisable to complete the transactions contemplated by the Amendment.
Body
Elements International Group, LLC, is a furniture industry leader providing exceptional value, unparalleled customer support and successfully serving the "Top 100" furniture retailers in North America. The company has 180 employees worldwide, is service and logistics centered, provides "mass fashion" style as a price leader and ships over 1,400 containers per month. Elements International Group, LLC, has relocated the world headquarters to 2250 Skyline Drive, Suite 100, Mesquite, Texas, in the Skyline Industrial District. The company has a multi-year lease with extension options.
The company entered into a Chapter 380 Agreement on March 18, 2019. Since that time, the company made adjustments in their plans which impact the terms of the original agreement. The company has requested revision of the agreement to align more with their current lease term and the values brought by the development. None of these changes impact the overall impact to the City or the commitments made by the company.
The specific changes to the agreement include: A. Ini...
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