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Approval of an Economic Development Agreement Between the City of Lewisville and TW Realty Advisors, Inc., and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
The former Sears building at the Music City Mall in Lewisville, was purchased in 2018 for the use of a mixed-use marketplace. Anchoring the first floor, will be Zion Market, a Korean grocery store. Surrounding the grocer, and across the second floor, the developer will include office, retail and restaurant uses. The owners will improve the overall building façade and landscaping of the property and introduce an International K-Pop Festival to the site within 2019. As such, the economic development agreement provides an annual grant for each of the first three years the marketplace is open. Subsequently, an annual business personal property grant will be provided based on the city portion of business personal property taxes received in years four through eight. Finally, a one-time festival grant in the amount of $100,000 will be provided for the 2019 K-Pop festival at the Music City Mall in Lewisville.
RECOMMENDATION:
That the City Council approve the agreement as set forth in the caption above; and authorize the City Manager to execute the agreement.