To approve an Economic Development Incentive Agreement between the City of Plano, Texas, and Foundry Commercial Holdings, LP, a Delaware limited partnership (“Company”), providing an economic development grant to the Company; and authorizing the City Manager to execute all necessary documents. Approved

This agenda item represents a request to approve an Economic Development Incentive Agreement for Foundry Commercial Holdings, LP, a Delaware limited partnership, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. Foundry Commercial Holdings, LP agrees to redevelop the property at 2700 W. Plano Parkway, Plano, Texas 75075 by demolishing the existing 275,000 square foot office building and constructing a minimum 300,000 square feet of manufacturing, industrial, office, and research and development space, and add real property improvements with a minimum value of $21,000,000.00 by December 21, 2026.

Property Location

Funding for this item is available in the 2023-24 Economic Development Fund. This item, in the amount of $750,000, will leave an unencumbered balance of $54,643,763 available for future project consideration.   

Approval of this Agreement supports the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality.