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Council approves $1.5M performance grant for 25-acre 'Project Firehouse' commercial development
Summary
Council unanimously approved a $1.5 million performance-based economic development agreement with Headwater Capital Partners LLC to redevelop a 25-acre site at 1199 Fire Lane into roughly 265,000 sq ft of spec commercial space, including road improvements and a commitment of at least 10 jobs by 2030.
Arthur Jackson, chief economic development officer, presented the proposed performance-based agreement with Headwater Capital Partners for 'Project Firehouse,' a plan to transform 25 acres at 1199 Fire Lane into four buildings totaling about 265,000 square feet and to extend Little Elm for improved access to 183A. The city’s incentive is a $1.5 million grant conditioned on the developer acquiring the property, completing infrastructure improvements, and meeting job and occupancy commitments through 2035.
Council discussed the extent of required road improvements, then voted to approve the resolution unanimously. The developer commits to acquiring the site, constructing the buildings and performing the road and frontage improvements; the agreement ties the grant to performance milestones and includes marketing/occupancy commitments through 2035.
