Title
Consider approving Resolution No. 2025-145 authorizing the City Manager to execute an economic development incentive agreement with Monitronics International, Inc., and BH Security, LLC.; and take appropriate action.
Body
REQUESTOR:
City Council
BACKGROUND:
In 2013, the City entered into a 15-year economic development incentive agreement with Monitronics to facilitate the relocation of its national headquarters to 1990 Wittington Place, Farmers Branch. The company has operated under this agreement for over a decade and currently has approximately one year remaining on its lease.
As part of its corporate restructuring and long-term planning, Monitronics and the City of Farmers Branch have proposed terminating the original agreement and entering into a new agreement under its new business entity, BH Security, LLC. BH Security will continue to operate the national headquarters and point-of-sale center in Farmers Branch, contingent upon the City's participation through a revised incentive package.
DISCUSSION:
The proposed Resolution No. 2025-145 authorizes the City Manager to execute an Economic Development Incentive Agreement with Monitronics International, Inc. ("Monitronics") and BH Security, LLC ("BH Security") to support the continued presence and future investment of the company within the City of Farmers Branch. The agreement will replace the existing 2013 incentive agreement and provide updated terms to retain the company's national headquarters and point-of-sale center in the City.
BH Security has expressed its intent to maintain and grow its corporate operations within the City of Farmers Branch, contingent upon continued partnership with the City. The new agreement is structured to:
* Repeal and replace the original 2013 incentive agreement;
* Provide an economic development grant pursuant to Chapter 380 of the Texas Local Government Code;
* Ensure a competitive economic position for the City to retain a major employer and corporate presence....
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