Texas Real Estate Business
People gravitate to quality opportunity and access, which explains the 14 percent increase in population for Mansfield, a 2010-2015 rate of growth that trailed only three other Texas cities, according to U.S. Census Bureau estimates.
Companies favor those things as well, and Mansfield Economic Development Corp. (MEDC) works to further boost the business appeal of the Dallas-Fort Worth metro city. To attract industrial real estate investments to the city of nearly 70,000 residents, the MEDC utilizes an array of incentives, including tax abatements, cash grants for reimbursement of utility and other infrastructure costs, free port tax exemption and various creative project financing tools.
“We have also acquired several parcels of industrial-zoned land that may be offered at less than market value as an incentive for industrial development,” says Richards Nevins, assistant director at the MEDC.
AMC Warehouse will develop a 450,000-square-foot freezer, refrigerator, and dry-storage warehouse. The first of three phases to be completed by June 2018. The locally based food distributor will receive a $1.7 million incentive from the MEDC to be paid over the next five years and a 10-year, 50 percent tax abatement. The anticipated capital investment by AMC Warehouse should be approximately $64 million and will create at least 110 full-time jobs during the next five years, Nevins reports.
Elsewhere, Southern Champion Tray (SCT), a leading manufacturer of paperboard packaging for the bakery, food-service and custom retail markets, will add 23,000 square feet to its Mansfield manufacturing plant. The $2.5 million investment in the facility, plus $12.5 million more in equipment costs, will create 69 new jobs during the next five years. The MEDC awarded the Chattanooga, Tenn.-based company a five-year incentive package totaling $910,000.
“Most of the community’s growth has occurred in the last 15 years, with the population tripling since 2000,” says Nevins, who references the transportation, labor and educational advantages of being located in the fourth largest metro area in the country. “Mansfield is now home to over 125 industrial companies within a variety of industries including manufacturing, warehouse/distribution, food processing, petrochemical, aircraft parts, forging, and many more”.