Title
Consider approval of a Resolution approving a letter of support for the creation of a Foreign Trade Zone for Mazda North American Operations to be located at 4255 Patriot Drive in Grapevine, Texas, and authorizing the Mayor to sign.
Summary
Mazda operates a parts distribution center at 4255 Patriot Drive, which is located partially in Coppell. Mazda is currently in the process of applying to the Department of Commerce for a Foreign Trade Zone. As part of the application process, Mazda is required to provide a letter of support from all affected taxing jurisdictions.
Fiscal Impact:
Approximately $1.8 million of inventory would be exempted from taxation if a Foreign Trade Zone is granted. That exemption would equate to approximately $10,500 in business personal property taxes that would no longer be collected by the City of Coppell on an annual basis.
Staff Recommendation:
Economic Development recommends approval.
Goal Icon:
Business Prosperity