AGENDA CAPTION:
Title
Consider approval of Resolution 2018-184R, approving a Chapter 380 Economic Development Incentive Agreement with Katerra, Inc. to locate an Automated Building Component Manufacturing and Distribution Facility along State Highway 80 east of State Highway 21, which agreement provides incentives over ten years in the form of annual refunds of a portion of new property taxes generated from the facility and waives certain development standards; authorizing the City Manager to execute the agreement; and declaring an effective date.
Body
Meeting date: October 16, 2018
Department: CMO - Steve Parker, Assistant City Manager / CFO
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: N/A
City Council Strategic Initiative:
N/A
Comprehensive Plan Element (s):
☒ Economic Development - Fiscally Responsible Incentives for Economic Development
☐ Environment & Resource Protection
☐ Land Use
☐ Neighborhoods & Housing
☐ Parks, Public Spaces & Facilities
☐ Transportation
☐ Not Applicable
Master Plan:
Vision San Marcos - A River Runs Through Us
Background Information:
Katerra is a “technology-driven offsite construction company,” based in Menlo Park, CA. Katerra proposes to construct an approximately 600,000 square foot facility to manufacture a wide range of building components and materials, including wall panels, floor systems, roof truss assemblies, windows, cabinets and finishes. Katerra proposes to create at least 542 full-time jobs and make a capital investment of at least $109,000,000.
Council Committee, Board/Commission Action:
The Economic Development Board (EDSM), considered “Project Duplo” in Executive Session on June 28, 2018, and recommended approval by the City Council.
Alternatives:
Take no action.
Recommendation:
Staff recommends approval.