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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | 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 |
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| | | | | | | | 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
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| | | | | | | | 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.
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| | | | | | | | 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.
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