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 total $3 million; and
Whereas, a $300,000 Municipal Facilities Fund grant will help foster Asia Times Square’s catalyst redevelopment project along the Pioneer Parkway corridor in Grand Prairie; 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 and provide a redevelopment grant.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. THAT the granting of an incentive 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 4th day of June, 2019.