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:
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