CC MEETING: June 25, 2024
DATE: June 18, 2024
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 BuzzBallz, LLC, Establishing A Program Of Grants To The Company For Its Expansion At 2051 McKenzie Drive And 2161 Hutton Drive, 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 $242,768.00.
Body
BACKGROUND:
This agenda item is to consider a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with BuzzBallz, LLC.
BuzzBallz has been operating in Carrollton since 2009 and is an international leader in the manufacturing and distribution of single-use convenience beverages and other retail products. The company is experiencing annual revenue growth in excess of 65% and expects to sell over 11 million cases of product this year. The company's products are made entirely in Carrollton and are sold in all 50 states and 26 countries. BuzzBallz employs 626 people and has undergone four previous expansions.
BuzzBallz proposes to expand into a fifth building, located at 2051 McKenzie Drive, and expand its current operations at 2161 Hutton Drive. The investment will be at least $2.1 million in improvements to both facilities, adding a minimum of $15.8 million in new equipment, and creating 194 new full-time jobs. This expansion will enable the company to produce plastic bottling in-house, as well as meet the growing demand for its products.
FINANCIAL IMPLICATIONS:
Staff recommends a fifty percent (50%) rebate of taxes paid to the City on the assessed value of new business and personal property, and a fifty percent (50%) rebate of t...
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