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Mansfield council approves Chapter 380 deal to incentivize development at Shops at Broad
Summary
The Mansfield City Council approved Resolution 25-1569 on Nov. 10, authorizing a Chapter 380 economic development agreement with Tres Shops at Broad LP that conditions tax reimbursements on a minimum $30 million capital investment and $50 million in annual taxable sales; council voted 6–0.
Mansfield City Council on Monday approved a Chapter 380 economic development agreement with Tres Shops at Broad LP that ties sales-tax reimbursements to specific investment and sales thresholds.
City staff presented Resolution 25-1569, which covers about 48 acres at the Shops at Broad and targets remaining pad sites for new development. Staff said the agreement requires at least $30,000,000 in capital investment and $50,000,000 in annual taxable sales from qualifying new projects before any reimbursement is triggered. "For this agreement to qualify for any type of reimbursement, those two conditions have to be met,"…
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