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Council hears first readings for two EDC incentives: $25,000 for LPLC Holdings and up to $85,000 for Mosier Contracting
Summary
At first reading, the Gun Barrel City Economic Development Corporation sought council approval for a $25,000 reimbursement for LPLC Holdings' parking-lot repave (project cost $55,400) and an $85,000 incentive package for Mosier Contracting Inc. Staff revised Mosier terms to a $75,000 loan amortized over seven years at 3% plus a $10,000 reimbursement grant; one councilmember recused from the Mosier item.
The Gun Barrel City Council on Dec. 16 received first readings for two Economic Development Corporation performance agreements.
EDC Director Charles Hauck introduced Resolution R-2025-013, a performance agreement with LPLC Holdings LLC to provide financial assistance "in an amount not to exceed $25,000" to help repave a parking lot between 410 and 426 (project cost cited as $55,400). Hauck said the EDC board approved the reimbursement request and that, because this is a first reading, the council will consider the item again next month.
Hauck then presented Resolution R-2025-014 for Mosier Contracting Inc. (doing business as Mosier's Kitchen and Bath Design Center). The packet described an $85,000 assistance package; Hauck said the EDC had approved a structure that included a $75,000 loan and a $10,000 reimbursement grant. After discussion with the applicant, Hauck said staff revised the loan terms to the same dollar amount but with longer amortization and a lower rate — proposing a $75,000 loan amortized over seven years at 3% interest, secured by a personal guarantee and first lien on separate real property, plus a $10,000 reimbursement once project conditions are met.
Hauck said the Mosier plan would create four full-time jobs in the renovated space and increase taxable sales at the address. A councilmember (speaker 5) announced a familial relationship with the Mosier owners and declared he would recuse himself from action on that item.
Both items were presented as first readings and will return to council for final action in a subsequent meeting.
