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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 11/14/2022 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for SK Signet Manufacturing Texas, 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 SK Signet Manufacturing Texas, LLC, a Texas limited liability company ("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 SK Signet Manufacturing Texas, LLC, a Texas 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. SK Signet Manufacturing Texas, LLC agrees to occupy 136,000 gross square feet of office space at 4101 East Plano Parkway, Plano, Texas 75074 and transfer, retain or create up to 183 Full-Time Job Equivalents by March 31, 2027.
https://tinyurl.com/39ezwvrb |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2022-23 Economic Development Fund. This item, in the amount of $974,465, will leave an unencumbered balance of $67,839,809 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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