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Approval of an Economic Development Agreement Between the City of Lewisville and FR Lewisville Midway, LLC and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
First Industrial owns approximately 56 acres of land on Midway Road and will construct two buildings (Buildings “A” & “B”) simultaneously as part of Phase 1 on 28 acres of that property. Both buildings will be new, speculative construction for leasing to one or more tenants with needs for office, manufacturing, and/or warehousing space. Building “A” will be 219,800 square feet and Building “B” will be 125,200 square feet in size. First Industrial must invest a minimum of $13,000,000 for the entire development of Phase 1 by December 31, 2019. 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 the agreement and authorize the City Manager to execute the agreement.