CC MEETING: September 23, 2025
DATE: September 11, 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 Pennymac Loan Services, LLC, Establishing A Program Of Grants To The Company For Its Relocation And The Creation Of Jobs At 5025 Plano Parkway To Promote Local Economic Development And Stimulate Business And Commercial Activity Within The City For A Job Creation Grant Amount Not To Exceed $1,800,000.
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BACKGROUND:
This agenda item is to consider a resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with Pennymac Loan Services, LLC.
Pennymac Loan Services, LLC is a residential mortgage lender and servicer.
Pennymac Loan Services, LLC is considering establishing its second headquarters to 5025 Plano Parkway and transferring or creating up to 1,800 Full-Time Employees at the Real Property, over the next ten (10) years of operations. The Company will lease and occupy an initial 150,000 square feet of office space at the Real Property for the first two years of the Agreement term and will increase its leased and occupied space to approximately 300,000 square feet of office space for a minimum ten (10) years at the Real Property.
FINANCIAL IMPLICATIONS:
Staff recommends a Job Creation Grant of up to $1,800,000 for the lease and occupancy of the Real Property and the creation of 1,800 Full-Time Employees 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 Pennymac Loan Services, LLC choose to relocate to 5025 Plano Parkway, the Company will create new jobs, as well as increase the ad valorem value of the property by occupying the building and ...
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