CC MEETING: December 1, 2015
DATE: November 23, 2015
TO: Leonard Martin, City Manager
FROM: Andrea Roy, Economic Development Manager
Title
Consider A Resolution Authorizing The City Manager To Enter Into A Tax Incentive Agreement With The Billingsley Development Corporation.
Body
BACKGROUND:
Billingsley Development Corporation has requested a tax incentive and reimbursement of building permit fees for a proposed 350,000 square foot warehouse/distribution facility located on approximately 23.4 acres at the southwest corner of Parker Road and Plano Parkway (Austin Ranch), for the purpose of locating Interceramic's US headquarters and distribution operations to this facility.
Interceramic currently occupies two North Texas facilities (headquarters/distribution and manufacturing), and, due to its extensive growth, needs to expand its headquarters and distribution facility. Interceramic is a manufacturer and distributor of ceramic tile and stone in the US, Canada, Mexico, and Central America. The company was founded in 1979 in Mexico and has grown to total annual sales of over $500 million. Interceramic will occupy the facility for a lease term of no fewer than fifteen (15) years, employing approximately 130-150 people with an estimated average annual salary of $51,400.
In addition to the City's proposed incentives, the Billingsley Development Corporation has also provided concessions in order to attract the tenant to the Carrollton site, including free rent, land cost reduction, and a generous tenant finish-out budget.
The facility will be constructed in a manner similar and complimentary to the immediately adjacent building, occupied by BeautiControl, which is also owned by Billingsley. Of the proposed 350,000 square feet of building space, approximately 40,000 square feet will be dedicated to office, located along the entire front of the building, providing enhanced architectural design to the most visible portion of the facili...
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