From
Marty Wieder, Economic Development Director
Title
Resolution granting 380 Incentive Agreement with Asia Times Square in the amount of $300,000
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
Asia Times Square, the owners of 2625 W. Pioneer Parkway, is a 250,000 square foot shopping mall and business center. Asia Times Square desires to construct a 500,000 square foot outdoor plaza or special events venue-where it will have food trucks and vendors as weather permits, as well as concerts and movie nights on weekends-as well as landscaping and parking. Asia Times Square officials hired LandDesign to prepare a conceptual design package of the plaza, which is estimated to cost $3 million to construct.
Asia Times Square has submitted an incentive application for City Council consideration; staff has reviewed and approved the application for review and discussed the application with the City Council Finance & Government Committee. Staff agrees that such a redevelopment will serve as a catalyst for revitalizing the Pioneer Parkway corridor.
As an incentive to help foster the Asia Times Square Plaza, staff recommends a grant from Municipal Facilities Fund 405090 - 1916701 (intended “for economic development purposes including re-development, new development and business incentives related to development”).
Financial Consideration
Projected Investment - Real estate improvements: $3,000,000
Projected Investment - Projected Annual Taxable Sales: $10,000,000
Projected Incentive - Municipal Facilities Fund Grant: $300,000
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER into a Chapter 380 Program Agreement for Economic Development Incentives with ASIA TIMES SQUARE
Whereas, Asia Times Square desires to add a 500,000 square foot plaza at 2625 W. Pioneer Parkway in Grand Prairie, Texas; and
Whereas, estimated costs to construct the plaza designed for Asia Times Square by LandDesign t...
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