📋 Tender Overview
Scope Construction of a 65-acre mixed-use project planned for SH 45 just east of IH 35 in Texas US. The council has approved a memorandum of understanding with Mark IV Capital for the project in November 2017.In return for the company building a one million ft of Class A office retail and residential space the city will contribute 12.56m toward public infrastructure such as streets sidewalks and utilities.The city expects the development to generate more than 1.5m per year in tax revenues to the city when it is completed.The development is also expected to create 5000 jobs when it is fully developed.Mark IV which manages the Summit I recently completed construction on Summit II office projects in La Frontera.The District is a dynamic mixed-used development that will combine working living and retail in one prime location.Under the terms of the agreement Mark IV is required to reach 120000ft completed by 2022 250000ft by 2029 and one million ft by 2039 and Mark IV will be required to repay the city if it fails to meet these performance measures. The city will fund the infrastructure improvements with its half-cent Type B sales tax revenues. Type B funds are limited specifically for economic development projects including transportation improvements.
