The Aledo City Council adopted Ordinance No. 05, Series of 2019; Approving a Redevelopment Agreement with Twin State, Inc. and the Sale of Property to Twin State, Inc. on Monday, March 4th, 2019. It is the intent of the City to encourage economic development, which will increase the real estate tax and/or sales tax generated within the City. The City established Progress Park as an Industrial Park located within the Redevelopment Project Area for the purpose of facilitating economic development. The City owns Lot 9 and 10 in Progress Park, 2nd Addition, and Twin State, Inc. has proposed to construct a fertilizer manufacturing facility on the Property if the City sells the Property to the Developer and provides certain TIF incentives to the Developer.
The Developer shall, as a redevelopment agreement project, construct a fertilizer manufacturing facility on the Property, with vertical construction of improvements to commence within one year from the date of the Agreement, provided, however, that Buyer will be granted up to four (4), 90-day extensions of the deadline for commencing construction of the required improvements so long as the Buyer is diligently pursuing the required permits necessary to construct and operate the manufacturing facility on the Property.