File #: 13-162    Name: TRAXXAS Amendment
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 2/19/2013 Final action: 2/19/2013
Title: Consider/Discuss/Act on a Resolution Approving an Amendment to Existing Agreement for Commercial/Industrial Tax Abatement with Traxxas, L.P.
Attachments: 1. Agenda Item Summary, 2. Resolution, 3. Traxxas Third Amended Tax Abatement
 
Title
 
Consider/Discuss/Act on a Resolution Approving an Amendment to Existing Agreement for Commercial/Industrial Tax Abatement with Traxxas, L.P.
 
Summary
 
MEETING DATE:      February 19, 2013
 
DEPARTMENT:         Administration      
 
CONTACT:        Jason Gray, City Manager
 
RECOMMENDED CITY COUNCIL ACTION:
    • Adopt the Resolution
  • ITEM SUMMARY:  
    • This resolution authorizes an amendment to existing tax abatement with Traxxas, L.P.
    • The proposed tax abatement amendment agreement includes the following new terms:
  •       "This Tax Abatement Agreement is conditioned upon Traxxas receiving a Certificate of Occupancy for the Distribution Building on or before April 1, 2013, and is further conditioned upon Traxxas receiving a Certificate of Occupancy for the Office Building on or before December 31, 2013."
  • BACKGROUND INFORMATION:  
    • Traxxas, L.P. is a high-technology company which develops, manufactures and markets radio-controlled specialty cars/trucks for recreational users and competition users.
 
FINANCIAL SUMMARY:  N/A
 
BOARD AND COMMISSION RECOMMENDATION:  N/A