title
Approval of the Economic Development Agreement Between FR Lewisville Midway, LLC and the City of Lewisville; and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
FR Lewisville Midway, LLC wants to build two speculative industrial buildings for office, warehousing, and/or distribution uses. They will construct one building with a minimum of 125,000 square feet and a second building with a minimum of 249,000 square feet. First Industrial must invest a minimum of $15,500,000 for the entire development and must complete construction by December 31, 2023. This economic development agreement provides a 50% grant equal to the value of the property taxes on the real property improvements paid to the City of Lewisville for 5 years.
RECOMMENDATION:
That the City Council approve and authorize the City Manager to execute the first amendment as set forth in the caption above.