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Title
Resolution granting a Chapter 380 Incentive Agreement totaling $2.45 million for Epic West Towne Crossing, L.P., a Texas limited partnership
Presenter
Marty Wieder, Director of Economic Development
Recommended Action
Approve
Analysis
The City created an Office of Economic Development to oversee economic development programs authorized by Texas law and approved by the City Council. Included among those programs are ones authorized by Chapter 380 of the Texas Local Government Code (the “Program”), to promote state and local economic development and to stimulate business and commercial activity in the City. Grand Prairie has determined that this Program will directly establish a public purpose - and that all transactions involving the use of public funds and resources in the establishment and administration of the Program as authorized will promote state and local economic development and will stimulate and promote business and commercial activity in the City.
Developers with Epic West Towne Crossing, L.P., a Texas limited partnership, own tracts of land totaling approximately 85 acres on the east and west side of President George Bush Turnpike between Warrior Trail and Mayfield Road. To help create a stronger retail base for the property, the City proposes a $2,450,000 economic development incentive. The incentive would be provided through a performance-based Chapter 380 agreement, requiring the construction of at least 500,000 square feet of commercial uses permitted under City Ordinance No. 10301-2017.
As part of the agreement and in exchange for Developer's covenant to comply with the negotiated conditions and requirements, the City will make economic development grant payments totaling $2,450,000. A grant of $1,225,000 is to be payable within 45 days of the contract's execution, and the remaining $1,225,000 is to be paid 10 months from execution of this agreement - provided that the Texas limited partnership is continuously and diligently pursuing completion of the project from the contract execution date.
Financial Consideration
Funding in the amount of $2,450,000 is available in Street Capital Projects Fund (400192) WO #01807601 (Economic Incentive)
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER INTO A CHAPTER 380 PROGRAM AGREEMENT FOR $2,450,000 IN ECONOMIC DEVELOPMENT INCENTIVES WITH EPIC WEST TOWNE CROSSING, L.P.
WHEREAS, Epic West Towne Crossing, L.P. desires to develop 500,000 square feet of retail space on approximately 85 acres of property fronting SH 161/President George Bush Turnpike; and
WHEREAS, new retail and restaurant tenants would eventually create more than $500,000 in general fund sales tax annually; and
WHEREAS, the City Council has determined that it is in the public interest to enter into a Chapter 380 Program Agreement for Economic Development Incentives.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. The granting of an incentive in the amount of $2,450,000 through a Chapter 380 incentive agreement is approved, and the City Manager is hereby authorized to execute contracts to effectuate this approval.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 9TH DAY OF JANUARY 2018.