title
Approval of the Assignment and Assumption Agreement Between the City of Lewisville, Mallard Supply Company, L.P. d/b/a REW Materials, and Foundation Building Materials, LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
Mallard Supply Company, L.P. d/b/a REW Materials (“Company”) entered into an Economic Development Agreement with the City of Lewisville on January 8, 2018 that provided for the relocation of its facility from 535 S. Mill Street to a larger site, suitable for expansion, located at 801 Mario Court. The following incentives that were provided under the Economic Development Agreement were (1) an annual grant not to exceed $50,000 for 10 years; and (2) a one-time development fee credit equivalent to the City development fees paid by REW, not to exceed $50,000. The Company desires to assign and transfer all its rights and obligations under the Economic Development Agreement to Foundation Building Materials, LLC (“Assignee”) and Assignee desires to assume and accept all of the Company’s rights and obligations under the Economic Development Agreement.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.