To approve a Revised and Restated Economic Development Incentive Agreement between the City of Plano, Texas, and L3 Technologies, Inc., a Delaware corporation ("Company"), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved

On September 11, 2017, the City Council approved an Economic Development Incentive Agreement by and between the City of Plano and L3 Technologies, Inc., a Delaware corporation, which was further revised and restated on March 28, 2022. Subsequently, the rescission of that revised and restated agreement will be considered on July 25, 2022. L3 Technologies, Inc. merged with Harris Corporation in 2019 and maintains the company name of L3 Technologies, Inc., as a wholly-owned subsidiary of L3 Harris Technologies, Inc. (formerly known as Harris Corporation).

A request to approve a Revised and Restated Economic Development Incentive Agreement for L3 Technologies, Inc., 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. L3 Technologies, Inc., agrees to occupy at least 11,900 gross square feet of office space at 5800 Granite Parkway, Suite 750 or Other Locations in Plano, Texas, and transfer, create and maintain up to 35 Full-Time Job Equivalents for the term of the Agreement.

https://tinyurl.com/4xw5pdut

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.