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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/27/2021 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for Dematic Corp., 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 Dematic Corp., 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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| | | | | | | | BACKGROUND A request to approve an Economic Development Incentive Agreement for Dematic Corp., 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. Dematic Corp. agrees to occupy 50,000 gross square feet of office space at 8261 Belleview Drive, Plano, TX 75024 and transfer, retain or create up to 196 Full-Time Job Equivalents by 12/31/2023.
https://bit.ly/2XHWqC7 |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the FY 2021-22 Economic Development Fund. This item, in the amount of $123,480, will leave an unencumbered balance of $48,429,948 available for future project consideration.
Approval of this Agreement supports the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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