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Approval of a First Amendment to the Economic Development Agreement, Approved on October 15, 2018, Between the City of Lewisville and Trinsic Acquisition Company LLC; and Authorization for the City Manager to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
Trinsic Acquisition Company is purchasing a 3.65 acre tract at the southeast corner of College Street and Leonard Street from the City. Trinsic is proposing to invest $45 million by constructing a 315-unit residential development on the property. The project includes a parking garage that is not required to have a fire sprinkler system by code. This First Amendment to the Economic Development Agreement provides incentives to the developer to install a fire sprinkler system in the parking garage for added life safety measures.
RECOMMENDATION:
That the City Council approve the first amendment to the economic development agreement; and authorize the City Manager to execute the agreement.