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MANSFIELD APPROVES AGREEMENT WITH FOREST CITY DEVELOPMENT FOR THE SHOPS AT BROAD STREET

Several years of effort to bring an upscale lifestyle retail center to Mansfield culminated this week with a development agreement between the city and Cleveland-based Forest City Enterprises Inc. and their Texas-based partners Waterstreet Development and Richard and Nathan Bontke to bring The Shops at Broad Street to the community.

The successful negotiations between the city and nationally-known retail developer were completed Monday, Aug. 6, following a unanimous vote of the Mansfield City Council. The city is expected to announce more specific details on the dynamics of the 1.2 million square-foot project at a later date, including an announcement on the major anchors and other retailers.

The deal for The Shops at Broad Street, estimated to be a $250 million project, was driven by an effort to create a performance-based incentive package, said City Manager Clayton Chandler, including a plan for Forest City to construct up to $24 million in public infrastructure associated with the project. Those include improvements to Broad Street, Carlin Road and other public improvements to serve the lifestyle center.

The agreement calls for Forest City to fund the project, with the city reimbursing Forest City for the cost of the public infrastructure once the project is constructed and generating revenue back to the city.

The city also agreed to a $30 million incentive package that incorporates a 50-50 sharing of sales tax and property taxes generated by the center after certain performance thresholds are met. The performance thresholds are important, Chandler said, because they "ensure that in order for the developer to receive any incentive payments the center must perform to a very high level in terms of benefit to the city."

Other key components of the deal guarantees that traffic improvements will be completed prior to the opening of the center to minimize any congestion associated with the development. The city is working with the Texas Department of Transportation (TxDOT) on improvements to facilitate the increased traffic. TxDOT is already in the design phase for the project that will complete the frontage roads between Walnut Creek Drive and Broad Street and add U-turns to both bridges.

The final site plans including store locations will be complete within the next 150 days.
"This is a dynamic moment in the history of our city," said Mayor Barton Scott. "I think our citizens are going to be very pleased with the opportunity to enjoy a first-class retail center in our community. The council is appreciative of all the hard work by city staff and the Forest City team to make this important project a reality."

Forest City Enterprises, Inc. is a $9.2 billion, NYSE-listed national real estate company. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. Forest City is currently developing three additional North Texas properties - in Frisco, Dallas and Prosper.

In 2007 the City of Mansfield was named to the MONEY Magazine and CNN/Money annual list of Best Places to Live in America. Mansfield was one of only six Texas cities named this year to the prestigious list, which cited the city's lush parks and opens spaces, great schools and low crime as a draw for residents and businesses. The city was also named one of the fastest growing suburbs in America by Forbes Magazine in July 2007.