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Mansfield council expands TIRZ boundaries and approves $139.6M COs, MEDC bonds and $88.3M stadium GMP
Summary
Council approved an amendment and final plan for Tax Increment Reinvestment Zone (TIRS) No. 4, a package of debt issuances (combination COs par $139,615,000 plus premiums and MEDC sales-tax bonds) and a guaranteed maximum price of $88,275,000 for a proposed multipurpose stadium; votes were unanimous.
The Mansfield City Council on Dec. 9 approved a coordinated set of land‑use and finance actions intended to advance a large mixed‑use development and a multipurpose stadium in the TIRS No. 4 district.
Jason Moore, presenting the ordinance to amend TIRS No. 4, described an expanded boundary to capture development opportunities north and south of the existing preliminary plan. Moore said the district could accommodate a mix of uses — including hotels, a stadium, data centers and residential neighborhoods — and described project-cost categories for roads, bridges and other infrastructure intended to spur development. Moore clarified the financing approach: the TIRS would capture only incremental ad valorem tax revenue from new development inside the district, not general sales taxes, and any hotel payment‑in‑lieu (PILOT) arrangements would be governed by master agreements previously approved.
The council also approved a multi-part bond package presented by the city’s underwriters and bond counsel. Hilltop Securities’ Nick Boulash said the transactions priced stronger than projected. The cover figures reported to council included combination tax and revenue certificates of obligation with a final par of $139,615,000 and about $15.7 million of premium, $12.96 million of general‑obligation refunding and improvement bonds, and Mansfield Economic Development Corporation (MEDC) sales‑tax revenue bonds in tax‑exempt and taxable pieces (tax‑exempt series ~ $56.4 million; taxable ~ $22.6 million). Boulash said ratings were affirmed and investor demand was strong.
Troy Listena and bond counsel explained structure and legal form; they noted that some projects (for example, the Julian Field veterans memorial) will be cash-funded rather than bond‑funded. Listena and staff also highlighted projects to be funded by the COs and GO bonds, including a new city hall civic square, Fire Station No. 1 relocation, and linear trail network components.
On construction financing, staff presented an amendment to the construction‑manager‑at‑risk contract with Moss Construction that establishes a guaranteed maximum price (GMP) of $88,275,000 for the multipurpose stadium project; staff recommended approval based on the bond pricing and the city’s long‑range financing plan. Council approved the GMP and the associated sales tax and bond resolutions that authorize the MEDC transactions and necessary financing documents.
Council additionally approved a first amendment to an economic development agreement with Loan Jack LLC (an innovation/incubation facility, phase 2 to include a firearm training center and retail), increasing total capital investment to $20 million, adding one parcel (lot 5) and extending performance deadlines into 2025–2026. Staff said the Loan Jack amendment aligns with the TIRS project plan and the city’s innovation district strategy.
Council recorded votes on several related items — CO authorization, GO refunding, MEDC bond resolutions, the Loan Jack amendment, the GMP and related resolutions — and approved the package by recorded vote (motions and seconds and roll-call tallies were taken during the meeting).
