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File #: 23-1261    Version: 1 Name:
Type: Operational Focus Updates Status: Agenda Ready
File created: 9/12/2023 In control: City Council Work Session
On agenda: 9/25/2023 Final action:
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 PROD Design & Analysis, Inc., a Texas Corporation, ("Applicant") in support of a project located at 1255 Peter Cooper Dr., El Paso, Texas 79936. The project includes providing stability in operations by expanding into the aerospace and defense initiatives being targeted by the Build Back Better initiative, requiring additional resources and training for new venture. The Agreement requires the Applicant to make a minimum investment of $4,400,000.00. Over the term of the Agreement, the City shall provide economic incentives not to exceed $188,774.00 in the form of a Property Tax Rebate; a Development Fee Rebate; and a Construction Materials Sales Tax Rebate.
Attachments: 1. Reso and Agreement - PROD Designs 9.25.2023, 2. WS 1 - PROD Design 10 yr 8 23 23, 3. 9-25-23.WS1 - FULLY EXECUTED - CHAPTER 380 AGREEMENT PROD DESIGN AND ANALYSIS INC

CITY OF EL PASO, TEXAS

LEGISTAR AGENDA ITEM SUMMARY FORM

 

 

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Details

District 6

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 PROD Design & Analysis, Inc., a Texas Corporation, (“Applicant”) in support of a project located at 1255 Peter Cooper Dr., El Paso, Texas 79936. The project includes providing stability in operations by expanding into the aerospace and defense initiatives being targeted by the Build Back Better initiative, requiring additional resources and training for new venture. The Agreement requires the Applicant to make a minimum investment of $4,400,000.00. Over the term of the Agreement, the City shall provide economic incentives not to exceed $188,774.00 in the form of a Property Tax Rebate; a Development Fee Rebate; and a Construction Materials Sales Tax Rebate.

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