26-2750 : Resolution - A Resolution Authorizing the City of Mansfield, Texas, to Renew the Existing Chapter 380 Agreement with Bloomfield Homes, L.P. For the Purpose of Promoting Economic Development within the City of Mansfield, Texas; Finding that the Meeting at Which This Resolution is Passed is Open to the Public as Required by Law; and Declaring an Effective Date (General Fund)

Staff Report & Agenda Item Details

The City signed a 10-year Chapter 380 Agreement with Bloomfield Homes, L.P. on January 23, 2017, for the purpose of encouraging and generating local sales/use taxes. The Agreement is expiring on December 31, 2026, and Bloomfield Homes has requested that the City extend the Agreement for 10 more years. The terms and conditions of the original Agreement will not change. The City will retain 20% of the 1% General Fund sales tax generated while Bloomfield will receive 80% of the 1% General Fund sales tax. MEDC and MPFDC sales tax revenues are not affected by this agreement. Bloomfield currently owns 36 vacant lots in the Somerset development and 10 vacant lots in the Rockwood development. Bloomfield also has an approved plat for 68 new lots in Lone Star Ranch, Phase 3.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 7.5/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).