Title
Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Approving a Chapter 380 Agreement by and Between the City of McKinney, Texas and SLMP Facility, L.L.C, and Authorizing the Deputy City Manager to Execute the Agreement; and Providing an Effective Date
Summary
MEETING DATE: March 4, 2014
DEPARTMENT: City Manager
City Attorney
CONTACT: Rob Daake
Mark Houser
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Agreement
ITEM SUMMARY:
· The City has previously executed a Letter of Intent with SLMP, L.L.C. (commonly known as Statlabs, the "Company") to provide certain incentives to the Company upon the relocation of its corporate headquarters to the University Business Park. The Chapter 380 Incentive agreement would provide for the reimbursement of 50% of the City's ad valorem taxes paid by the Company over a five (5) year period upon satisfaction of certain development and operational conditions, including the issuance of a certificate of occupancy by January 1, 2016 and the verification of constructed building improvements and the Company's purchase of equipment in an amount of not less than $6,100,000. The Agreement further requires the Company to comply with a companion Loan Agreement with the MEDC. The Company recently purchased a 7.22 acre parcel from the MEDC in the University Business Park.
BACKGROUND INFORMATION: N/A
SPECIAL CONSIDERATIONS: N/A
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A
SUPPORTING MATERIALS: Agreement