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, execute and administer an Economic Development Program Chapter 380 Agreement for such purposes with Action TV, Stereo & Appliance d/b/a Quality Home, for the redevelopment and revitalization of a commercial building at 227 East U.S. Highway 80 in the City of Mesquite, Texas.
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White Pickett, Inc., purchased the property at 227 East U.S. Highway 80 at the northwest corner of U.S. Highway 80 and Belt Line Road (previous location of Starplex Theater) with the intent to redevelop for a new tenant, Quality Home. The 36,000-square-foot building was designed as a movie theater with sloped floors and varying ceiling heights. The building was vacant for several years and had extensive deterioration to the outside of the building and the roof. The retrofit and bringing the building up to code presented many costly development challenges.
Quality Home is a forty-five-plus year Mesquite business expanding its footprint from 14,500 square feet within an in-line shopping center to the 36,000-square-foot building at a highly visible, free-standing location which has potential for additional outparcel development. The Chapter 380 Agreement requires Quality Home to show evidence of at least a $2.5 million investment into existing building improvements, as well as add 14 new full-time employees, for a total of 30 full-time jobs at the 227 East U.S. Highway 80 location by December 31, 2026.
The term of the agreement is 10 years, during which the City of Mesquite is obligated to rebate one percent of the local sales tax produced by Quality Home at this location (50 percent of the local two percent tax rate) payable annually, not to exceed a total rebate of $500,000.00.
The City Council authorized staff to proceed with the proj...
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