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Council approves revised amendment reducing cash grants, increasing lease backstop for LINC innovation district project
Summary
The council approved a third amendment to the Admiral Legacy economic‑development agreement that reduces cash grants from $7.5M to $6M, eliminates a planned TERS reimbursement, and raises the rent backstop/master lease to 70% with up to a 20‑year backstop; the vote was unanimous, 7‑0.
The Mansfield City Council unanimously approved a third amendment to the economic‑development agreement with Admiral Legacy Investment LLC for a 17‑acre site inside the LINC Innovation District.
Jason Moore, the city presenter, told council the amendment rescinds a prior TERS reimbursement provision and reduces the total cash grants from $7.5 million to $6 million while setting a tight construction‑start timeline of Oct. 31, 2025. “To date, the only grant that's been paid to the developer out of the $7,500,000 cash grant has been the $500,000 for schematic design approval,” Moore said. He explained the amendment removes the TERS reimbursement approach and preserves TERS revenue for the city.
Moore said the amendment also changes the risk structure by increasing a master lease guarantee from 50% to 70% as a rent backstop and by extending rent‑backstop coverage to 20 years to satisfy lenders and equity partners. He described the cap on backstop payments at $10 per square foot and said staff had identified prospective tenants and sublease interest that make the plan feasible.
Council members pressed on timelines, tenant prospects and drainage/railroad right‑of‑way issues; Moore said engineering work on a drainage channel had reached a design resolution and the city was awaiting final railroad approval. He said the MEDC board and staff supported the revised terms.
The motion to approve carried 7‑0. Staff noted the amendment reduces immediate cash exposure while accepting a longer rent‑backstop period and earlier milestone deadlines.
What’s next: The agreement's adjusted milestones and financing conditions will be monitored by staff and the MEDC; developers will proceed with required construction milestones and proposed tenant subleases.
