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Consider/Discuss/Act on an Ordinance Amending the Budgets for McKinney Economic Development Corporation (MEDC) for Fiscal Year 2012-2013 and Fiscal Year 2013-2014
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MEETING DATE: October 15, 2013
DEPARTMENT: McKinney Economic Development Corporation
CONTACT: Jim Wehmeier
President/CEO
RECOMMENDED CITY COUNCIL ACTION: Approve Ordinance
ITEM SUMMARY:
· McKinney Economic Development Corporation (MEDC) provided incentives to Emerson Process Management for construction of a new facility along US75. Construction has been completed and Emerson's staff has relocated to the new facility. All criteria have been met to receive a $1,000,000 incentive payment.
· This Ordinance authorizes the approval of FY 2012-13 Budget Amendment to reflect MEDC incentives to Emerson Process Management and approval of FY 2013-14 Budget Amendment to purchase the vacated Emerson building.
BACKGROUND INFORMATION:
· MEDC authorized an incentive payment to Emerson of $1,000,000 upon completion of construction.
· MEDC authorized an expenditure of approximately $3,2 million to purchase the existing Emerson building located on US 380.
FINANCIAL SUMMARY:
· The attached FY 2012-13 Budget Amendment #33310 shows the increase in expenditures of $1,000,000 for the incentive payment to Emerson.
· The attached FY 2013-14 Budget Amendment #41110 shows the increase in expenditures of $3.2 million for the vacated Emerson building.
BOARD OR COMMISSION RECOMMENDATION:
· MEDC Board recommended approval of the revised FY 2012-13 budget and FY 2013-14 budget at their meeting held in September 17, 2013.