To: Mayor and City Council
From: Mary Culver, Economic Development Director
Subject:
Title
Consider a resolution approving a Chapter 380 Economic Development Program Agreement pursuant to Chapter 380 of the Texas Local Government Code, and pursuant to the City’s Economic Development Policy, with ME Development, owner of an approximately 70,000 SF indoor recreational multi-sports facility on approximately 7.8 acres at 401 Golden Triangle Blvd, Keller, Texas; and further authorizing the City Manager to execute said documents on behalf of the City of Keller, Texas.
Action Requested:
Consider a resolution approving a Chapter 380 Economic Development Agreement with ME Development LLC., to include economic incentives.
Background:
ME Development LLC., is proposing to build an approximately 70,000 square-foot indoor sports facility for basketball, volleyball, cheer, and futsal on undeveloped land at the Keller Sports Park. The expected cost of the facility is approximately $17,000,000.00.
A ground lease 380 agreement was approved by the City Council on October 17, 2023 and the due diligence period was extended by City Council on March 19, 2024 to allow the applicant two additional months to assess the project.
The applicant has requested an economic incentive agreement to cover the cost of building permit and impact fees for the facility.
Financial Impact:
The total economic incentive request is $396,461.
Citizen Input/Board Review:
The Keller Economic Development Board reviewed the proposed economic incentive agreement at their April 24, 2024 meeting and unanimously recommended approval.
Legal Review:
The City Attorney’s Office has reviewed the proposed Chapter 380 Agreement.
Alternatives:
City Council has the following alternatives:
- Approve as submitted
- Approve with changes
- Denial
Council Action:
Approve as submitted