To approve a Revised and Restated Economic Development Incentive Agreement between the City of Plano, Texas, and Denbury Onshore, LLC, a Delaware limited liability company ("Company"), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved

On May 29, 2007 the City Council approved an Economic Development Incentive Agreement by and between the City of Plano and Denbury Onshore, LLC, a Delaware limited liability company, which was replaced on May 10, 2010, amended in August 13, 2012 and modified on February 2, 2015. Subsequently, the agreements that were approved in 2012 and 2015 were terminated in 2016. City and Company then entered into an agreement that was approved by City Council in their regular meeting on June 13, 2016 restating and amending the terms and conditions from the agreement in 2010, which was further modified on January 11, 2021.

A request to approve a Revised and Restated Economic Development Incentive Agreement for Denbury Onshore, LLC, a Delaware 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. Denbury Onshore, LLC, agrees to occupy approximately 104,000 gross square feet of office space at 5851 Legacy Circle, Suite 1200, Plano, Texas, and transfer, create and maintain up to 525 Full-Time Job Equivalents for the term of the Agreement.

https://tinyurl.com/2p8cjjbh

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.