| | | | | | | |  |
CITY COUNCIL AGENDA MEMO |
|
| | | | | | | | | MEETING DATE: | 4/8/2024 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for 5600 HQD Acquisitions, LLC | | RECOMMENDED ACTION: | Approval of Contract / Agreement |
|
| | | | | | | | ITEM SUMMARY To approve an Economic Development Incentive Agreement between the City of Plano, Texas, and 5600 HQD Acquisitions, LLC, 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 5600 HQD Acquisitions, LLC, 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. 5600 HQD Acquisitions, LLC agrees to construct or cause to be constructed modernization improvements that have a minimum value of $20,253,412.00 on the real property at 5600 Headquarters Drive, Plano, Texas 75024.
Property Location |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2023-24 Economic Development Fund. This item, in the amount of $1,972,700.00, will leave an unencumbered balance of $53,963,763 available for future project consideration.
Approval of this Agreement supports the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.
|
|