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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 12/14/2020 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for Peloton Interactive, Inc., a Delaware corporation. | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve an Economic Development Incentive Agreement between the City of Plano, Texas, and Peloton Interactive, Inc., a Delaware corporation (“Company”), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | BACKGROUND This agenda item represents a request to approve an Economic Development Incentive Agreement for Peloton Interactive, 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. Peloton Interactive, Inc. agrees to occupy 103,000 gross square feet of office space at Legacy Central 1, 6500 Chase Oaks Boulevard, Plano, Texas 75023 and transfer, retain or create up to 1,590 Job Equivalents by 12/31/2025.
https://bit.ly/2K9janM |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2020-021 Economic Development Incentive Fund. This item, in the amount of $1,000,110, will leave an unencumbered balance of $47,160,730 available for future project consideration.
Approval of this agenda item will support the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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