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 a TIRZ No. 8 Reimbursement Agreement and Chapter 380 Economic Development Program Agreement with the Board of Directors of Reinvestment Zone Number 8, John Brian Hutcheson, Aggie Chick & Feed Store, Inc., and Mesquite Feed & Hardware, Inc., for the construction of a new retail building and redevelopment of a retail center located at 4401, 4407 and 4415 Gus Thomasson Road, Mesquite, Texas, and authorizing the City Manager to finalize, execute and administer the agreement on behalf of the City.
(This item was postponed at the November 1, 2021, City Council meeting.)
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TJ Hutcheson and Brian Hutcheson, owner/owner representatives 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, propose 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 inc...
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