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TERRELL — Dallas-based The MGHerring Group and the City of Terrell have finalized plans for a $30 million economic development agreement for Eighty Twenty, a new 225-acre, open-air shopping center located at the intersection of Interstate 20 and U.S. Highway 80 in Terrell. The first phase of the project will include 600,000 square feet of retail space and is slated for an early 2012 groundbreaking, with a spring 2013 opening. The agreement is for Terrell, the city's Tax Increment Financing District No. 1 and the Terrell Economic Development Corp. to reimburse MGHerring the cost over a 25-year period, based on sales and property taxes generated by the center. The agreement also allocates funds to the improvements to Highway 80 and FM 148.