CITY OF EL PASO, TEXAS
LEGISTAR AGENDA ITEM SUMMARY FORM
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Details
District 7
Economic and International Development, Bill Allen, (915) 212-1619
Economic and International Development, Elizabeth Triggs, (915) 212-0094
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AGENDA LANGUAGE:
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Title
Discussion and action that the City Manager be authorized to sign a Chapter 380 Economic Development Program Agreement (“Agreement”) by and between CITY OF EL PASO (“City”) and N.M. Edificios, LLC, a Texas Limited Liability Company (“Applicant”) in support of a project located at 19+/- acre site located off Burgundy Dr, near the intersection of I-10 & Loop 375, El Paso, TX 79907. The project includes construction or renovation of a development located on the Applicant’s real property to promote economic development in the City. The Agreement requires the Applicant to make a minimum investment of $31,050,000.00, retain its existing 174 full-time employees at or above the median wage for El Paso County, Texas for each year, and add an additional 30 full time employees at or above the median wage for El Paso County, Texas within the first five years of the Agreement. Over the term of the Agreement, the City shall provide economic incentives not to exceed $1,078,910.00 in the form of a Property Tax Rebate; a Development Fee Rebate; and a Construction Materials Sales Tax Rebate.
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