Item Coversheet
  CITY COUNCIL AGENDA MEMO
MEETING DATE: 2/24/2025
DEPARTMENT:Eco Dev
DIRECTOR:Doug McDonald, Director of Economic Development
AGENDA ITEM:

Economic Development Incentive Agreement for Atlantic Aviation FBO, Inc.

RECOMMENDED ACTION:Approval of Contract / Agreement

ITEM SUMMARY

To approve an Economic Development Incentive Agreement between the City of Plano, Texas, and Atlantic Aviation FBO, 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 Atlantic Aviation FBO, 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. Atlantic Aviation FBO, Inc. agrees to occupy a minimum of 25,000 square feet of office space at 5525 Granite Parkway, Suite 700, Plano, Texas 75024 and transfer, retain or create up to 89 Full-Time Job Equivalents by December 31, 2025.

 

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 $300,000, will leave an unencumbered balance of $45,015,749 available for future project consideration

 

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

 
ATTACHMENTS:
DescriptionUpload DateType
Atlantic Aviation EDIA2/11/2025Agreement