title
Approval of an Economic Development Agreement Between the City of Lewisville and 280 Corporate, LLC; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
280 Corporate, LLC (“Developer”) owns approximately 15.7093 acres of land at 280 E. Corporate Drive. The Developer will construct one building at a minimum of 117,843 square feet for office, warehousing and distribution uses. The agreement requires the Developer to construct real property improvements, obtain a tenant for the facility, and construct a retaining wall in a manner that will allow for construction of the hike and bike trail. In return, the City will provide a grant equal to the value of 50% of the real property taxes paid to the City of Lewisville for a period of five years and a one-time grant to construct a retaining wall in a manner that does not impede on the hike and bike trail easement dedicated to the City.
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.