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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 3/16/2021 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Revised and Restated Economic Development Incentive Agreement for Toyota Motor North America, Inc. | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve a Revised and Restated Economic Development Incentive Agreement between the City of Plano, Texas, and Toyota Motor North America, Inc., a California 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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| | | | | | | | PREVIOUS ACTION/PRESENTATION On May 12, 2014, the City Council approved an Economic Development Incentive Agreement by and between the City of Plano and Toyota Motor North America, Inc. |
| | | | | | | | BACKGROUND A request to approve a Revised and Restated Economic Development Incentive Agreement for Toyota Motor North America, Inc., a California corporation, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. Toyota Motor North America, Inc. agrees to occupy 1,000,000 gross square feet of office space on the northwest corner of Legacy Drive and Headquarters Drive in Plano, Texas and transfer, create and maintain a payroll of 3,650 Job Equivalents at the Property.
http://bit.ly/3dDz46y |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Approval of this Agreement supports the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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