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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | MEETING DATE: | 1/9/2023 | DEPARTMENT: | Eco Dev | DIRECTOR: | Doug McDonald, Director of Economic Development | AGENDA ITEM: | Economic Development Incentive Agreement for Plano Acquisitions, LLC, DBA: Virtex | 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 Plano Acquisitions, LLC, DBA: Virtex, 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 |
| | | | | | | | BACKGROUND This agenda item represents a request to approve an Economic Development Incentive Agreement for Plano Acquisitions, LLC, DBA: Virtex, a Delaware 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. Plano Acquisitions, LLC, DBA: Virtex agrees to occupy 65,135 gross square feet of office space at 2801 East Plano Parkway, Plano, Texas 75074 and transfer, retain or create up to 262 Job Equivalents by December 31, 2026.
https://tinyurl.com/432sb6t9 |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2022-23 Economic Development Fund. This item, in the amount of $470,900, will leave an unencumbered balance of $67,368,909 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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