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MEDC approves Third Amendment for 17‑acre office project, lowers grants and raises master‑lease exposure
Summary
The Mansfield Economic Development Corporation board on Sept. 9 approved a Third Amendment to the agreement with Admiral Legacy Investments, LLC that reduces near‑term cash grants, eliminates a prior TERS reimbursement, increases the EDC master‑lease exposure to 70% and extends a rental backstop to 20 years; the amendment includes deadlines that could forgive a $3,000,000 land sale if $100,000,000 of taxable value is delivered by 2027.
The Mansfield Economic Development Corporation Board of Directors on Sept. 9 voted 5–0 to approve a Third Amendment to its economic development agreement with Admiral Legacy Investments, LLC, changing financial terms and timelines for a planned 17‑acre mixed‑use development intended to include Class A office space.
Staff told the board the amendment reduces several upfront cash grants, caps ongoing payments at $3,000,000 and removes a prior TERS reimbursement agreement that had allowed TERS revenues to flow back…
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