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Approval of an Economic Development Agreement Between the City of Lewisville and ZMIC Entertainment LLC and Authorization for the City Manager to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
ZMIC Entertainment plans to build and operate a family entertainment venue called iCompeteX, which will occupy over 30,000 square feet of the second floor of Zion Market, located at Music City Mall. This agreement provides incentives for the construction and operation of the venue, including a grant equal to the building permit fees and a percentage of mixed beverage taxes and sales taxes collected by the city for the project.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager to execute the agreement as set forth in the caption above.