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Approval of an Economic Development Agreement 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 Streets from the City. Trinsic is proposing to invest $45 million by constructing a 315-unit residential development on the property. This agreement provides incentives for the project including waiver and/or reimbursement of permit fees, and a grant in the amount of $500,000 for the construction of a 4 story parking garage.
RECOMMENDATION:
That the City Council approve the Agreement and authorize the City Manager to execute the agreement.