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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 1/22/2024 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for ASSA ABLOY Global Solutions, Inc. | | 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 ASSA ABLOY Global Solutions, Inc., a Texas corporation (“Company”), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved
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| | | | | | | | BACKGROUND This agenda item represents a request to approve an Economic Development Incentive Agreement for ASSA ABLOY Global Solutions, Inc., a Texas corporation, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. ASSA ABLOY Global Solutions, Inc. agrees to occupy 107,000 square feet of office space at 2925 E. Plano Parkway, Plano, Texas 75074 and transfer, retain or create up to 166 Full-Time Job Equivalents by October 31, 2024.
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| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2023-24 Economic Development Fund. This item, in the amount of $282,200, will leave an unencumbered balance of $54,371,558 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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