Mabank MEDC moves to approve multi-part incentive package and loan for Iron Oak Athletic Club

Vice President/Treasurer John Chappell moved to approve an incentive package for Iron Oak Athletic Club that included five grants of $9,500 each for parking, signage, façade, landscaping and fencing and a proposed $125,000 loan structured in two parts.

Under the motion, $47,500 would be provided as five separate grants (5 × $9,500). The loan portion would provide $60,000 in milestone-based disbursements (five installments of $12,000 tied to excavation/concrete inspection; shell inspection; utilities installation and inspection; final inspection; and issuance of the Certificate of Occupancy) and $65,000 through a sales tax reimbursement agreement at a 75% reimbursement rate pursuant to City terms. The motion language recorded in the minutes states that “All funding and reimbursements shall be subject to the completion of required documentation, inspections, and compliance with applicable City agreements and ordinances.”

The motion was made after the board reconvened from an executive session held pursuant to Section 551.087(1) and (2) of the Texas Government Code for economic development negotiations. The meeting minutes do not record a vote tally or indicate whether the motion was adopted; the action and any disbursements remain contingent on completion of the required documentation and inspections described in the motion.

Board members present for the meeting and listed in the minutes included President Randy Teague, Vice President/Treasurer John Chappell, Council Members Tyson Adams and Daren Day. The minutes show Zach Hill, with Hills Can Do, LLC, was present to observe. Any final approval, funding disbursement schedule and the sales tax reimbursement agreement are subject to the City’s established terms and to the completion of the conditions listed in the motion.