CC MEETING: July 22, 2025
DATE: July 14, 2025
TO: Erin Rinehart, City Manager
FROM: Jenny Zeilfelder, Director of Economic Development
Ravi Shah, Executive Director of Development
Shannon Hicks, Assistant City Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With Reynolds Presto Products Inc., Establishing A Program Of Grants To The Company For Its Expansion At 2625 E. Beltline Road, In Amounts Equal To Fifty Percent (50%) Of Taxes Paid To The City On The Assessed New Value Of Real Property And Business And Personal Property For A Maximum Term Of Five (5) Years, For A Total Incentive Amount Not To Exceed $342,710.
Body
BACKGROUND:
This agenda item is to consider a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with Reynolds Presto Products Inc.
Reynolds Presto Products Inc. is a manufacturer of household, cooking, and storage products. The company has operated at 2625 E. Beltline Road in Carrollton since 1960. Currently, the company employs 242 full-time positions at their Carrollton facility.
Reynolds Presto Products Inc. is considering converting 100,000 square feet of warehouse space into manufacturing space. The investment will be at least $6 million in improvements to the facility, adding a minimum of $24 million in furniture, fixtures, and equipment and creating an additional 28 new full-time jobs.
FINANCIAL IMPLICATIONS:
Staff recommends a fifty percent (50%) rebate on the assessed value of the new business and personal property taxes paid to the City, as well as a fifty percent (50%) rebate on the assessed value of real property taxes paid to the City, both for five (5) years. The dollar value of this program of tax rebates will not exceed $342,710 over the term of the Agreement. No incentives to the Company will be derived from the City’s General Fund.
IMPACT ON COMMUNITY SUSTAINABILITY:
Should Reynolds Presto Products Inc. choose to expand at 2625 E. Beltline Road, the Company will create new jobs, as well as increase the ad valorem value of the property by making improvements to the building and adding new business and 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 Reynolds Presto Products Inc.