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 CH Realty IX-CE I Mesquite 635, LP, for the construction and development of a Class A Industrial Business Park, located at the southeast corner of US Highway 80 and IH-635, in the City of Mesquite, Texas, and authorizing the City Manager to finalize, execute and administer the agreement on behalf of the City.
Body
CH Realty IX-CE I Mesquite 635, LP, and newly formed legal entity created a development by Creation RE, LLC, in cooperation with LGE DesignBuild and LGE DesignGroup, propose to develop Mesquite 635, a Class A office/industrial campus, at the southeast corner of US Highway 80 and IH-635. The proposed development includes three buildings totaling approximately 555,000 square feet on a 38-acre tract of land with a capital investment of approximately $30 million.
The agreement provides the construction of a water line by the City of Mesquite and a rebate of roadway impact fees to the developer, not to exceed $700,000, for the $60 million project to be constructed beginning in 2022 with completion no later than 2026.
A public hearing and approval of the project was held on September 20, 2021, and the item was approved unanimously. The developer since requested that the Chapter 380 Agreement return to the City Council for public hearing and approval between a newly formed entity, CH Realty IX-CE I Mesquite 635, LP, and the City of Mesquite, as a matter of the developer's business organizational preference. No changes or modifications have been made to the Chapter 380 Agreement other than the developer's entity name change from Creation RE, LLC, to CH Realty IX-CE I Mesquite 635, LP.
Recommended/Desired Action
Staff recommends appr...
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