Terrell board backs Chapter 380 support for $1.6M M and F Real Estate downtown project

The Terrell Park & Downtown Improvement Corporation voted to forward Resolution 2026‑01 to Terrell City Council recommending a Chapter 380 agreement that would provide financial assistance not to exceed $1,600,000 to M and F Real Estate LLC for a downtown multi‑use development at 113 Westmore Avenue in Terrell.

"to M and F Real Estate LLC for a downtown multi use development located at 113 Westmore Avenue in Terrell, Texas," the chair said during the public hearing opening. Raelynn, staff presenting the item, described a performance agreement included with the recommendation, saying the agreement "includes items such as full time employment" and sets a retail‑ready completion milestone and reporting requirements. She also explained that the $100,000 in startup assistance would come out of the $1.6 million maximum and that several funding mechanisms will be used to pay the total contract amount.

Board members pressed for clarity about the total public support; staff noted the project funding will be drawn from multiple sources and that quarterly reports would be provided as payments are made. The board moved, seconded and approved forwarding the resolution; Raelynn confirmed the item will be presented to City Council on April 21 for final consideration.

Why it matters: The agreement is intended to close a financing gap in a historic downtown rehabilitation where rehabilitation costs can outstrip what market rents will support. If City Council approves the Chapter 380 agreement, the city will commit to structured reimbursements tied to performance and completion milestones, which the board said will allow monitoring of deliverables without releasing funds up front.

Next steps: City Council will consider the Chapter 380 agreement on April 21. If approved by council, staff will implement the performance agreement and provide the board with quarterly payment updates and project reports.