| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 9/11/2017
Department: Eco Dev
Department Head: Sally Bane
Agenda Coordinator: Paula Date |
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CAPTION
To approve an Economic Development Incentive Agreement between the City of Plano, Texas, and L3 Technologies, Inc., a Delaware corporation (“Company”), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved |
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FINANCIAL SUMMARY Operating Expense
|
| FISCAL YEAR: 2017-18 through 2024-25 |
Prior Year
(CIP Only) |
Current
Year
|
Future
Years
|
TOTALS |
| Budget |
0 |
44,875,800 |
0 |
44,875,800 |
| Encumbered/Expended Amount |
0 |
-3,999,956 |
-24,943,555 |
-28,943,511 |
| This Item |
0 |
-170,000 |
0 |
-170,000 |
| Balance |
0 |
40,705,844 |
-24,943,555 |
15,762,289 |
FUND(S): ECONOMIC DEVELOPMENT INCENTIVE FUND
|
|
| | | | | | | |
COMMENTS: Funding for this item is available in the Economic Development Incentive Fund. |
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SUMMARY OF ITEM
A request to approve an Economic Development Incentive Agreement for L3 Technologies, Inc., a Delaware corporation, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. L3 Technologies, Inc., a Delaware corporation agrees to occupy 11,900 gross square feet of office space at 5800 Granite Parkway, Suite 700, Plano, TX 75024 and transfer, retain or create up to 35 Job Equivalents by 12/31/2020.
https://goo.gl/8YcjZD
Strategic Plan Goal:
Strong Local Economy
Plano Tomorrow Plan Pillar:
Economic Environment |
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