Title
Consider approving Resolution No. 2025-197 authorizing the City Manager to execute an Economic Development Incentive Agreement with Foundry Commercial Acquisitions, LLC; and take appropriate action.
Body
REQUESTOR:
City Council
BACKGROUND:
The company, Foundry Commercial Acquisitions, LLC has or intends to acquire land and one or more buildings located at 2665 Villa Creek, Farmers Branch, Texas, for the construction of approximately 125,000 square foot rear-load industrial building, including an estimated demolition of approximately 140,000 square foot Class C office space, and construction cost of $28,000,000 and an estimated final building value of $12,196,982.
DISCUSSION:
The proposed Resolution No. 2025-197 authorizes the City Manager to execute an Economic Development Incentive Agreement with Foundry Commercial Acquisitions, LLC to support the construction of a new building and future investment of the company within the City of Farmers Branch.
Foundry Commercial Acquisitions, LLC has expressed its intent to construct approximately 125,000 SF rear-load industrial building and grow its operations within the City of Farmers Branch, contingent upon continued partnership with the City. The new agreement is structured to:
* Provide an economic development grant pursuant to Chapter 380 of the Texas Local Government Code;
* Ensure a competitive economic position for the City to have a major developer construct an industrial building at approximately 125,000 SF.
The City's legal authority for entering into such agreements is granted under Article III, Section 52-a of the Texas Constitution and Chapter 380 of the Texas Local Government Code, which allows municipalities to provide economic development incentives to promote and stimulate business and commercial activity.
FISCAL IMPACT:
The incentive is structured as a performance-based economic development grant up to $250,000.
DISTRICT:
District 3
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolu...
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