CC MEETING: December 5, 2023
DATE: November 27, 2023
TO: Erin Rinehart, City Manager
FROM: Robert Winningham, Director of Economic Development
Marc Guy, Assistant City Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With JBB Advanced Technologies, LLC, Establishing A Grant For The Creation of Jobs At 4000 International Parkway To Promote Local Economic Development And Stimulate Business And Commercial Activity Within The City, In An Amount Not To Exceed $217,000.
Body
BACKGROUND:
This agenda item is to consider a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with JBB Advanced Technologies, LLC.
JBB Advanced Technologies, LLC is a manufacturer of high-tech equipment used for the generation of solar and wind energy. The company is considering relocating its headquarters to 4000 International Parkway in Carrollton.
The company proposes to lease the 160,000 square foot office building for an initial term of five (5) years. The building is currently vacant. Further, the company plans to create 117 full-time jobs, with benefits, in its first year of operation at this location, and an additional 200 full-time jobs in its second year at this location.
FINANCIAL IMPLICATIONS:
Staff recommends establishing a jobs creation grant in the amount of $1,000 per job, for up to 117 jobs, created at the property at the conclusion of the first year of occupancy, and a jobs creation grant of $500 per job, for up to 200 additional jobs, created at the property at the conclusion of the second year of occupancy. The total amount of grants will not exceed $217,000.
IMPACT ON COMMUNITY SUSTAINABILITY:
Should JBB Advanced Technologies, LLC choose to relocate its headquarters to 4000 International Parkway, the company will create new jobs and increase the ad valorem value of the property by occupying the building and adding new business personal property.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with JBB Advanced Technologies, LLC for its relocation to 4000 International Parkway.