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Approval of an Economic Development Agreement Between the City of Lewisville and Bright Realty, LLC; and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
The Amended and Restated TIRZ #3 Final Project and Finance Plan includes economic development authority. This economic development agreement provides economic development incentives to the developer, including a structured parking garage grant, corporate relocation incentive grants, infrastructure reimbursements, City fee reimbursements, and a park fees waiver. All economic development incentives may only be paid from the City Base Increment and City Tax Increment, as defined in this agreement.
RECOMMENDATION:
That the City Council approve the agreement as set forth in the caption above and authorize the City Manager to execute the agreement.