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Approval of the First Amendment to the Economic Development Agreement Between Music City Estate 2405, LLC and the City of Lewisville; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
TW Realty Advisors, Inc. and the City of Lewisville entered into an Economic Development Agreement on August 5, 2019 (“Agreement”), which was later assigned to Music City Estate 2405, LLC (the “Company”). The Agreement provides that the former Sears building at Music City Mall (now renamed The Vista), would be developed and utilized as a mixed-use marketplace. The anchor on the first floor is Zion Market, a Korean grocery store. Surrounding Zion Market, and across the second floor, the Company developed office, retail and restaurant space. The proposed amendment clarifies the conflicting requirements and conditions of the annual grant and the business personal property grant to reflect City Council’s original intent.
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.