Title
Consider approving Resolution No. 2025-227 nominating FormFactor, Inc., as a Texas State Enterprise Zone Project; and take appropriate action.
Body
BACKGROUND:
The City Council of the City of Farmers Branch desires to create the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed areas of the City and to provide employment to residents of such areas. The Project is located in an area that is not currently designated as an enterprise zone. Pursuant to Chapter 2303, Subchapter F, the Texas Enterprise Zone Act, (“Act”), FormFactor, Inc. has applied to the City for designation as an enterprise zone project. The local incentives remain unchanged from those provided under Ordinance No. 2775, as amended by Ordinance No. 3542.
DISCUSSION:
The State of Texas administers the program, and the local municipality nominates projects. State sales tax is rebated for the project, not the local municipality's sales tax. The City of Farmers Branch nominates the project, and the State of Texas funds the grant. The grant awarded to the applicant is dependent upon the capital investment, job creation, and/or employee retention.
FISCAL IMPACT:
None.
POSSIBLE COUNCIL ACTION:
1. I move approve Resolution No. 2025-227.
2. I move to approve Resolution No. 2025-227 with modifications.
3. I move to table the item or take no action.
ATTACHMENT(S):
1. Resolution No. 2025-227
2. Ordinance No. 2775
3. Ordinance No. 3542
4. Presentation