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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 3/15/2022 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Revised and Restated Economic Development Incentive Agreement for Pizza Hut of America, LLC. | | 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 Pizza Hut of America, LLC, a limited liability company ("Company"), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On November 23, 2009 the City Council approved an Economic Development Incentive Agreement by and between the City of Plano and Pizza Hut of America, LLC, a limited liability company, which was further amended and restated on May 26, 2015. |
| | | | | | | | BACKGROUND A request to approve a Revised and Restated Economic Development Incentive Agreement for Pizza Hut of America, LLC, a limited liability company, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. Pizza Hut of America, LLC, agrees to occupy at least 160,000 gross square feet of office space at 7100 Corporate Drive, Plano, Texas, and transfer, create and maintain up to 600 Full-Time Job Equivalents for the term of the Agreement.
https://tinyurl.com/mwefa5aw |
| | | | | | | | 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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