AGENDA CAPTION:
Title
Consider approval of Resolution 2019-225R, approving a Chapter 380 Economic Development Incentive Agreement with Katerra Construction, LLC to locate an automated building component manufacturing and distribution facility within the Whisper Planned Development District (PDD) located near IH-35 and Yarrington Road, which the agreement provides incentives over ten years in the form of annual refunds of a portion of new property taxes generated from the facility; granting a variance from the PDD Standards to allow parking for the facility in the first layer; rescinding a prior Chapter 380 Economic Development Incentive Agreement with the company approved by Resolution No. 2018-184R; authorizing the City Manager to execute the agreement; and declaring an effective date.
Body
Meeting date: November 6, 2019
Department: City Manager's Office, Steve Parker, Assistant City Manager
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: City Council approved a Chapter 380 agreement with Katerra on October 16, 2018 for their site at the S.M.A.R.T. Terminal location
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Background Information:
Katerra is a "technology-driven offsite construction company," based in Menlo Park, California. The City Council approved a Chapter 380 agreement wit...
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