Title
1.) Executive Session Item: Deliberations in accordance with Sections 551.071 and 551.087 of the Texas Government Code to discuss 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: New Future. 2.) Open Session Item: Discuss and consider action approving the Pflugerville Community Development Corporation President to enter into an Economic Development Performance Agreement (EDPA) with Project New Future not to exceed $1,000,000 for the purpose of expansion and creation of primary jobs.
Summary
The City Council reviewed Project New Future during an executive session at the City Council Workshop on January 11. The PCDC Board reviewed this project during previous executive sessions during board meetings in December, January and March. The PCDC Board unanimously approved the EDPA on March 16, 2022 , during a Regularly Called Meeting and forwarded it to the City Council for further consideration.
Prior City Council Action
City Council is the authorizing body of the Pflugerville Community Development Corporation (PCDC). Approval is required for all PCDC projects requiring an Economic Development Performance Agreement.
Deadline for City Council Action
Action is requested March 22, 2022.
Fiscal Impact: No Fiscal Impact in FY22. Total budget impact over eight-year term (October 2022 - September 2030) capped at $1,000,000 and paid as follows if performance is achieved: $250.000 annually year one and two; $200,000 year three; $100,000 year four, and $50,000 in years five, six, seven and eight.
Supporting documents attached:
N/A
Recommended Action
Approve the PCDC President to enter into an EDPA with Project New Future not to exceed $1,000,000.