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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: | Revised and Restated Economic Development Incentive Agreement for Tax Rebate for Shutterfly, LLC. | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve the terms and conditions of a Revised and Restated Economic Development Incentive Agreement for Tax Rebate for calendar years 2021-2030 by and between the City of Plano, Texas, and Shutterfly, LLC, a Delaware limited liability corporation; authorizing its execution by the City Manager, and providing an effective date. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On April 22, 2019, the City Council approved an Economic Development Incentive Agreement for Tax Rebate by and between the City of Plano and Shutterfly, Inc. |
| | | | | | | | BACKGROUND A request from Shutterfly, LLC, to relocate its business and commercial activities in the City, thereby generating additional local sales tax revenues and increasing ad valorem tax values to the City. Shutterfly, LLC agrees to occupy at least 235,000 gross square feet of office, distribution and manufacturing space at 4012 14th Street, Plano, TX and transfer, create and maintain up to 272 Full-Time Job Equivalents for the term of this agreement.
https://tinyurl.com/yckjyakr |
| | | | | | | | 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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