AGENDA CAPTION:
Title
Consider approval of Resolution 2021-48R, approving amendment number one to the chapter 380 Economic Development Incentive agreement with Best Buy Texas.com, LLC that provided certain incentives for said company to locate and operate an internet sales operations center in the city for the purpose of conforming the agreement to changes in law regarding the sourcing of sales taxes on internet sales; authorizing the City Manager, or his designee, to execute said amendment; and declaring an effective date.
Body
Meeting date: March 2, 2021
Department: City Manager's Office
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Fiscal Note:
Prior Council Action: Resolution approving a Chapter 380 economic development incentive agreement - August 16, 2016.
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Background Information:
In August 2016, the City of San Marcos approved a Chapter 380 Economic Development Incentive Agreement with Best Buy Texas.com, LLC to locate and operate an internet sales operations center in the City. The agreement included incentives for the company in the form of annual refunds of 50 percent of ad valorem taxes from personal property and 75 percent of sale...
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