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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 12/9/2024 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for Delta Electronics (USA) 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 Delta Electronics (USA) Inc., a Delaware corporation (“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 Delta Electronics (USA) Inc., a Delaware corporation, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. Delta Electronics (USA) Inc. agrees to construct and occupy 1,090,000 square feet of manufacturing and office space with a minimum taxable value of $286,400,000.00 and a minimum fair market value of $358,000,000.00 on approximately fifty (50) acre parcel located at Data Drive and Lotus Drive, Plano, Texas 75075, and transfer, retain or create up to 1,500 Full-Time Job Equivalents by January 31, 2037.
Property Location |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2024-25 Economic Development Fund. This item, in the amount of $5,873,000, will leave an unencumbered balance of $46,995,448 available for future project consideration.
GOALS/PILLARS:
Approval of this Agreement supports the City’s Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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