Title
1.) Executive Session Item: Discussions regarding deliberations on economic development negotiations pursuant to Chapter 551.087 of the Texas Government Code and consultation with legal counsel pursuant to Chapter 551.071 of the Texas Government Code for legal advice concerning economic development negotiations regarding a Pflugerville Community Development Corporation (PCDC) economic development performance agreement with Kompan, Inc. a Corporation for Project Easy E. 2.) Open Session Item: Discuss and consider action to approve a resolution authorizing a Pflugerville Community Development Corporation (PCDC) economic development performance agreement with Kompan, Inc., a Delaware Corporation for Project Easy E.
Summary
This item has been included on the regular meeting agenda to allow for City Council discussion in executive session regarding economic development negotiations pursuant to Chapter 551.087 of the Texas Government Code and legal counsel pursuant to Chapter 551.071 of the Texas Government Code. Action, if any, will be taken in open session.
Status
The PCDC approved the Easy E Performance Agreement at their regular meeting on May 19, 2016. The PCDC Board is asking for consideration on the City Council regular meeting on May 24, 2016.
Deadline for City Council Action
There is no deadline for action.
Projected Future City Council Action
PCDC budget approval each year to include funding of this third party grant of up to $125,000 annually over a 10-year term.
Fiscal Impact
This agreement provides for a $150,000 PCDC grant for relocation and up to $125,000 annually in a third party grant to the City of Pflugerville to purchase Kompan playground equipment for over a 10-year term.
Staff Recommendation
PCDC recommends approval.
Drafter
Amy Madison, Executive Director
Pflugerville Community Development Corporation