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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 7/24/2023 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for Tax Rebate for CoreWeave, Inc. | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
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| | | | | | | | ITEM SUMMARY To approve the terms and conditions of an Economic Development Incentive Agreement for Tax Rebate for calendar years 2024-2031 by and between the City of Plano, Texas, a home-rule municipal corporation, and CoreWeave, Inc., a New Jersey corporation; and authorizing its execution by the City Manager or his authorized designee. Approved
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| | | | | | | | BACKGROUND A request from CoreWeave, Inc., 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. CoreWeave, Inc. agrees to occupy at least 454,421 gross square feet of space at 1000 Coit Road, Plano, Texas 75075 and add at least $1,600,000,000.00 of business personal property on the Real Property and use the Real Property as a data center during the term of this Agreement.
https://tinyurl.com/23aa3tr3 |
| | | | | | | | 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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