Title
Conduct a public hearing and consider a resolution approving the terms and conditions of a program to promote local economic development and stimulate business and commercial activity in the City, authorizing the City Manager to finalize and execute an Economic Development Program Agreement (Chapter 380 Agreement) with Brian Hutcheson, for the construction of a new retail building and redevelopment of a retail center located at 4401, 4407, 4411, and 4415 Gus Thomasson Road, Mesquite, Texas, and authorizing the City Manager to finalize, execute and administer the agreement on behalf of the City.
Body
Mr. Brian Hutcheson, owner/owner representative of three adjacent tracts located at the corner of Gus Thomasson Road and Moon Drive in the Gus Thomasson Corridor and within Tax Increment Reinvestment Zone No. Eight, proposes a redevelopment project to beautify the district by removal of aged structures, construction of new retail space and upgrades to the existing retail strip center which is anchored by long-time tenant Ace Hardware.
The scope of the proposed project includes razing the existing car wash and removal of existing parking lot surface, construction of a new retail building and parking lot creating new suites for lease to new businesses, updated and unified facade and signage improvement to the existing center and improvements to the strip center parking lot. As part of the project, a new monument sign which lists all tenants within the development is planned to replace an existing pole sign.
The developer has requested public assistance for the project through a multi-faceted incentive plan. A Chapter 380 Agreement requires the proposed scope as well as a $2.25 million capital investment by the developer. The incentive is broken down by specific performance measures and phases of the redevelopment, ranging from $50,000 to a maximum earned incentive of $900,000 through a grant, property tax and sales tax rebates, and reimbursement of development fees over a 10-year period.
The City Council authorized staff to proceed with the project in Executive Session on September 7, 2021.
Drafter
Kim Buttram
Head of Department
Kim Buttram