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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 1/11/2021 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | First Modification to the Second Amended and Restated Economic Development Incentive Agreement for Denbury Onshore, LLC | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve the First Modification to the Second Amended and Restated Economic Development Incentive Agreement between the City of Plano, Texas, and Denbury Onshore, LLC, a Delaware limited liability corporation (“Company”), establishing new Real Property location to the Company; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION The City and Company entered into an initial Economic Development Incentive Agreement approved by the City Council in Resolution No. 2007-5-17 on May 29, 2007 which was replaced by an Economic Development Incentive Agreement approved by the City Council in Resolution No. 2010-5-8 on May 10, 2010. The City and Company further amended the Economic Development Incentive Agreement approved in May 2010 to allow for additional incentives for the Company’s anticipated expansion and growth through the Amended and Restated Economic Development Incentive Agreement approved by the City Council in Resolution No. 2012-8-1 (R) on August 13, 2012 and the First Modification to the Amended and Restated Economic Development Incentive Agreement approved by the City Council in Resolution 2015-2-1(R) on February 2, 2015. As a result of lethargic conditions of the oil industry, the City and Company entered into a Second Amended and Restated Incentive Agreement approved by City Council in Resolution No. 2016-6-2(R) on June 13, 2016, with a commitment to maintain 525 Job Equivalents at the Real Property. |
| | | | | | | | BACKGROUND This agenda item represents a request to approve the First Modification to the Second Amended and Restated Economic Development Incentive Agreement for Denbury Onshore, LLC, a Delaware limited liability corporation, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. Denbury Onshore, LLC agrees to occupy 104,000 gross square feet of office space at 5851 Legacy Circle, Suite 1200, Plano, Texas 75024 by 02/28/2021.
https://bit.ly/3pTVZhU |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Approval of this item will support the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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