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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 11/11/2024 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Request to accept a donation from Toyota Motor North America, Inc. for the purchase of property at the southeast corner of Legacy Drive and Headquarters Drive in exchange for naming rights and park design and operation considerations. | | RECOMMENDED ACTION: | Approval of Request |
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| | | | | | | | ITEM SUMMARY To approve a request to accept a donation from Toyota Motor North America, Inc., a California corporation to contribute up to $15,000,000 towards the purchase of park property at the southeast corner of Legacy Drive and Headquarters Drive to be named Mendomi Park; and authorizing the City Manager to execute all necessary documents. Approved
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| | | | | | | | BACKGROUND Toyota Motor North America, Inc. has agreed to donate up to $15,000,000 towards the City purchase of 5.132 acres of land at the southeast corner of Legacy Drive and Headquarters for a future park site. In accepting this donation, the City agrees to the following provisions:
• To name the park Mendomi Park. Mendomi is a Japanese word that means “taking care of workers like they are family.”
• To contribute $4,000,000 towards the purchase of the proposed park property. These City funds will be expended prior to the expenditure of the donation from Toyota.
• To design the park with tall native trees and shrubbery along Legacy Drive and Headquarters Drive, abundant green space and foliage to create a peaceful, relaxing setting.
• To operate the park as a passive open space for a period of at least 50 years in the same first-class manner as other parks within the City of Plano.
• To use its best efforts to complete construction of the park no later than December 31, 2028.
• To provide Toyota and any affiliate participating in the Donation formal letters acknowledging their respective portion of the Donation within 30 days of the City’s purchase of the park property. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Approval of the acceptance of a donation of funds to be used for the purchase of 5.132 acres at the southeast corner of Legacy Drive and Headquarters Drive, which has been submitted on a companion item for approval, will result in a one-time revenue of up to $15,000,000.
Approval of this item will support the City’s Strategic Plan Critical Success Factor of being an Excellent, Innovative, and Accountable City Government.
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