Council approves up-to-$1.6M Chapter 380 incentive for Chapman Building redevelopment
Council approved Resolution 2307, a Chapter 380 performance agreement with M and F Real Estate LLC to redevelop the city-owned Chapman Building downtown, with a reimbursement 'not to exceed' $1,600,000 and an expected final inspection/certificate of occupancy by May 2028.
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Staff described a proposed Chapter 380 economic development performance agreement with M and F Real Estate LLC for redevelopment of the city-owned Chapman Building in downtown Terrell. The Park and Downtown Improvement Corporation and staff recommended the local developer; staff said they reviewed the single statement of qualifications received and that the agreement is performance-based, with funds not to exceed $1,600,000 and release tied to completion and certificate of occupancy.
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