4.d.
TCEDC Agenda
- Meeting Date:
- 03/03/2021
- Title:
- Submitted By:
- Rhomari Jackson, Management Services
- Department:
- Management Services
ACTION REQUEST (Brief Summary)
Consider and take action on Resolution No. 21-03, approving an Economic Development Agreement with JMK5.
BACKGROUND
- In 2015, JMK5 purchased the former Mall of the Mainland, originally opening World Gym in the former Macy’s space. Since 2015 the former mall has been undergoing redevelopment.
- In October 2020, JMK5 purchased the former Sears, and with this came the announcement of further redevelopment, and the addition of new restaurants, entertainment facilities, and the relocation and expansion of the World Gym.
- Jerome Karam has held discussions with city staff in regards to the redevelopment of the property, and the new tenants that will be arriving at Mainland City Centre.
ANALYSIS
- The Economic Development Corporation is requested to consider approval of an Economic Development Agreement with JMK5 for the Mainland City Centre at 10000 Emmett F. Lowry Expressway.
- This agreement authorizes the TCEDC to provide an economic development grant in the form of a sales tax reimbursement.
- This agreement is in line with past agreements entered into with Brixmor, Edifis, HEB, and Buc-ees’s.
- The agreement states that a maximum refund amount is set at $1,500,000 and 10 years. The agreement will be complete whichever comes first.