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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 12/11/2023 | | DEPARTMENT: | Eco Dev | | DIRECTOR: | Doug McDonald, Director of Economic Development | | AGENDA ITEM: | Economic Development Incentive Agreement for A&M Peak LTC, LLC | | 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 A&M Peak LTC, LLC, a Delaware limited liability company (“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 A&M Peak LTC, LLC, a Delaware limited liability company, pursuant to Chapter 380 of the Texas Local Government Code and conditioned on the terms as set forth in the attached agreement. A&M Peak LTC, LLC agrees to construct or cause to be constructed modernization improvements that have a minimum value of $20,500,000 on the real property at 5228, 5232, 5236, and 5240 Tennyson Parkway, Plano, Texas 75024.
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| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2023-24 Economic Development Fund. This item, in the amount of $1,992,000, will leave an unencumbered balance of $50,581,105 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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