Title
Discuss and consider action to approve a Pflugerville Community Development Corporation (PCDC) performance agreement, PCDC sublease agreement and PCDC land lease agreement with Tracking Point, Inc.
Summary
The Pflugerville Community Development Corporation has negotiated an economic development agreement with Tracking Point Inc. PCDC preleased 60,000 sq. ft.at a rate of $5.75 per square foot (psf) in the first of two planned 120,000 sq. ft. buildings being constructed in the One Thirty Commerce Center (Project Jersey) to incentivize the construction of the first building at this time. Tracking Point Inc. will sublease 48,000 sq. ft. from PCDC at a rate of $10.20 psf plus taxes, insurance and maintenance for its corporate headquarters and manufacturing/R&D facility. In addition, Tracking Point will lease approximately 20 acres in the back of the PCDC tract for the construction of an underground ballistics laboratory and shooting range for $111,869.64 annually for five years with an option to buy for $1.50 psf. PCDC shall provide a tenant allowance of $35 psf. PCDC shall reduce the rent by $5,000 per new full time employee with an average salary of $100,000 annually with medical and dental benefits up to 150 employees.
Status
The PCDC Board of Directors considered this item on March 21, 2013 and approved it unanimously.
Deadline for City Council Action
There is no deadline for action on the item.
Fiscal Impact
There is no impact to the city's budget. No city incentives are requested. Outcomes anticipated by the PCDC Director are: approximately $6,000,000 in real and personal property improvements to the One Thirty Commerce Center; a substantial number of high paying jobs; and substantial financial benefit to the City. A separate independent economic development analysis will be forwarded separately to each council member by the PCDC Director, Floyd Akers.
Staff Recommendation
Discuss and take action as appropriate.
Drafter
Trey Fletcher
Assista...
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