Title
Executive Session Item: Discussion regarding economic development negotiations and financial information received from businesses expanding or relocating in the City of Pflugerville and to seek legal advice regarding such projects, incentives, and negotiations, including Project Charge pursuant to Chapter 551.071 and Chapter 551.087 of the Texas Government Code.
Summary
The PCDC Board has reviewed this project in three previous PCDC Executive Sessions during their Regular Meetings in December, January and a Special Called Meeting on February 26th. The PCDC board unanimously approved an Economic Development Performance Agreement with Project Charge during a Special Called Meeting, February 26, 2022. The agreement is subject to review and approval by the City Council, the authorizing body for the PCDC.
Prior City Council Action
The City Council reviewed Project Charge in executive session during the January 11th work session, and the PCDC seeks a final review in executive session prior to consideration for action on the City Council Regular
Meeting on March 8. The PCDC Board and the City Council must approve all PCDC projects and EDPAs.
Deadline for City Council Action
Action is requested March 8, 2022 in the City Council Regular Meeting.
Fiscal Impact: Total budget impact over ten-year term (January 2024 - December 2033) capped at $225,000 or 40% of paid taxes in any eligible year, whichever is less. Maximum grant capped at $1,575,000 over the
term.
Supporting documents attached:
N/A
Recommended Action
Discuss only.