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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 6/13/2022 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Sally Bane, Director of Economic Development | | AGENDA ITEM: | Revised and Restated Economic Development Incentive Agreement for Cognizant Technology Solutions U.S. Corp. | | 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 Cognizant Technology Solutions U.S. Corp., a Delaware corporation ("Company"), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On February 25, 2019 the City Council approved an Economic Development Incentive Agreement by and between the City of Plano and Cognizant Technology Solutions U.S. Corp., a Delaware corporation. |
| | | | | | | | BACKGROUND A request to approve a Revised and Restated Economic Development Incentive Agreement for Cognizant Technology Solutions U.S. 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. Cognizant Technology Solutions U.S. Corp. agrees to occupy at least 69,000 gross square feet of office space at 8383 Dominion Parkway, Plano, Texas, and transfer, create and maintain up to 500 Full-Time Job Equivalents for the term of the Agreement.
https://bit.ly/38zIbp0 |
| | | | | | | | 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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