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Council approves amendment to economic‑development agreement for Loan Jack LLC innovation campus
Summary
Council approved an amendment and land conveyance to an economic‑development agreement with Loan Jack LLC, increasing the project's minimum capital investment to $20 million, adding a parcel (Lot 5), and allowing a two‑phase build (145,000 sq. ft. + 50,000 sq. ft.) with adjusted start and completion dates.
The Mansfield City Council unanimously approved a first amendment to an existing economic development agreement and contract of sale with Loan Jack LLC on Dec. 9 that adds Lot 5 (a former gas pad site) to the planned innovation campus, increases the minimum capital investment and adjusts timing.
Jason Moore and economic development staff explained that the original plan (approved in March 2024) contemplated a 150,000‑square‑foot facility for innovation, manufacturing incubation, training and retail uses. The amendment increases total planned square footage by 45,000 square feet by splitting the development into a 145,000‑square‑foot phase 1 (innovation/incubation/manufacturing) and a 50,000‑square‑foot phase 2 (firearm training center and retail). The capital investment minimum was raised from $10 million to $20 million, and construction commencement is now set for December 2025 with completion by December 2026 for both phases (dates apply to the amended agreement).
Staff said the amendment includes a land conveyance for Lot 5 and a grant mechanism to return funds upon completion; the site allows future trail connections and public realm amenities. James Sellers (applicant representative) and other team members attended the meeting to answer council questions. The council approved the amendment and associated sale language by recorded motion; the item carried 6‑0.
Staff said the amendment supports the city’s innovation district strategy and that the project will partner with local educational institutions for workforce and equipment access.
