To approve revisions to the City of Plano Policy Statement for Economic Development Incentives Program; and providing an effective date. Adopted Resolution No. 2023-8-12(R)

The City Council first approved the general concepts for incentives by Resolution No. 99-5-24. During this time, Plano operated as an Economic Development Corporation with a separate Economic Development Board. 

A resolution was adopted on November 25, 2006 by Resolution No. 2006-11-25(R) when the City’s economic development functions were restructured under the City as the Economic Development Department. This resolution outlined the purpose and procedures for the business incentive program. The resolution has been revised twice: once in 2007 by Resolution No. 2007-8-20(R) to include criteria required by new state laws, and once in 2014 by Resolution No. 2014-1-2(R) to add a fee for administrative changes.

This item is to approve revisions the Policy Statement for the City of Plano’s Economic Development Incentives Program. Staff held two work sessions with City Council on March 21, 2023 and July 24, 2023 to discuss changes to workforce needs and the real estate market, which are impacting Plano’s economic development efforts. Staff also conducted a survey with brokers and site selectors to solicit feedback on the City’s existing economic development programs and policies.

This item has no financial impact.

Updating the Policy Statement for Economic Development Incentives Program will support the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.