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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 7/25/2022 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Jenny Zeilfelder, Interim Director of Economic Development | | AGENDA ITEM: | Revised and Restated Economic Development Incentive Agreement for loanDepot.com, 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 loanDepot.com, 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 |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On August 12, 2013 the City Council approved an Economic Development Incentive Agreement by and between the City of Plano and loanDepot.com, LLC, a Delaware limited liability company. |
| | | | | | | | BACKGROUND A request to approve a Revised and Restated Economic Development Incentive Agreement for loanDepot.com, 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. loanDepot.com, LLC, agrees to occupy at least 59,702 gross square feet of office space at 5645 Legacy Drive, Suite 400, Plano, Texas, and transfer, create and maintain up to 700 Full-Time Job Equivalents for the term of the Agreement.
https://tinyurl.com/2p8hjvnp |
| | | | | | | | 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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