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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 5/9/2022 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for Republic Finance, LLC. | | 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 Republic Finance, LLC, a Delaware limited liability corporation (“Company”), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | BACKGROUND A request to approve an Economic Development Incentive Agreement for Republic Finance, LLC, a 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. Republic Finance, LLC agrees to occupy 57,000 gross square feet of office space at 8428 Parkwood Boulevard, Plano, TX and transfer, retain or create up to 62 Job Equivalents by December 31, 2026.
https://tinyurl.com/bpjmmrk7 |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the (2021-22) Economic Development Fund. This item, in the amount of $312,600, will leave an unencumbered balance of $57,585,593 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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