Title
Consider approving Resolution No. 2024-248 authorizing the City Manager to execute a Chapter 380 Economic Development Grant Agreement in the amount of $100,000 for new headquarters commercial space with Cherry Painting Company, LLC; and take appropriate action.
Body
REQUESTOR:
Economic Development, Tourism and Planning Department
BACKGROUND:
Under the authority granted by Article III, Section 52-a of the Texas Constitution and Chapter 380 of the Texas Local Government Code, the City is authorized to provide economic development incentives to promote local economic development and stimulate business and commercial activity.
The City has determined that making an economic development grant to Cherry Painting Company in accordance with this Agreement is in accordance with the City’s Economic Development Program and will:
(i) Further the objectives of the City of Farmers Branch,
(ii) Benefit the City and the City’s inhabitants, and
(iii) Promote local economic development and stimulate business and commercial activity in Farmers Branch.
DISCUSSION:
Cherry Painting Company, LLC was established in 1968. A family-owned business that provides commercial paint, architectural coatings, floor coatings, and maintenance coatings services. With offices across Texas, Arizona, Tennessee, Colorado, and Georgia. Cherry Coatings is one of the largest paint contractors in the United States.
Farmers Branch will be Headquarters with over 1,500 field staff and 1.5 million man/hours per year.
FISCAL IMPACT:
Budgeted Financial Impact of $100,000.
DISTRICT:
District 4
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2024-248 as presented.
2. I move to approve Resolution No. 2024-248 with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Resolution No. 2024-248
2. Chapter 380 Economic Development Agreement