Title
Consider approval of an Economic Development Incentive Agreement by and between the City of Coppell and Archway 121 COPPELL LTD Properties; and authorizing the Mayor to sign.
Summary
Archway Properties owns the land at the NEC of Freeport Parkway and State Highway 121. There is a utility easement with several utilities located in it that runs down the middle of the property. Those lines must be relocated. If Vari selects the site for their new corporate headquarters, the City will reimburse Archway Properties for the actual cost to relocate the utility lines once the work is completed, and the reimbursement will not exceed $300,000.
Fiscal Impact:
Funds for this incentive agreement will be provided by the General Fund-Designated Fund Balance for Economic Development in an amount not to exceed $300,000.
Staff Recommendation:
Staff recommends approval.
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