Item Coversheet
  CITY COUNCIL AGENDA MEMO
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

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

 

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.

ATTACHMENTS:
DescriptionUpload DateType
Coreweave Tax Rebate Agreement7/12/2023Agreement