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Approval of an Economic Development Agreement Between the City of Lewisville and 4M Capital Ltd; and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
4M Capital Ltd, also known as Arteriors, intends to lease 300,000 square feet of office/warehouse at 1901 Midway Road (the former Coyote Drive-in Theatre). The developer, First Industrial, purchased the site in the summer of 2019 and intends to have the 400,000 square foot building available for tenant move-in by the end of the 2020 calendar year. Arteriors must invest a minimum of $5,000,000 into the property and employ 155 full time people during the term. The agreement provides that the city provide an annual grant in an amount equal to 50% of the business personal property and inventory taxes paid to the city for five years. The city will also provide a one-time sales tax construction grant in an amount of 100% of the local 1% share of sales taxes collected in Lewisville for the construction of the improvements.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager to execute the agreement as set forth in the caption above.