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Approval of the First Amendment to the Economic Development Agreement Between the City of Lewisville and Wells Fargo, Bank, N.A.; and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
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ADMINISTRATIVE COMMENTS:
Wells Fargo Bank, N.A. (“Company”) entered into an Economic Development Agreement with the City of Lewisville on December 6, 2022. The Agreement provided for the construction of a 146,000 square foot data center at 2501 Edmonds Lane, Lewisville, TX. The Agreement required the Company to construct real property improvements on the property with a minimum capital investment of $470,050,000 and hire fifty-seven (57) full-time employees with a weighted average base salary of $128,300. The Company and the City desire to amend the agreement to accomplish the following: (1) update all references to Digital Lewisville, LLC, the owner, to refer to DDI Lewisville, LLC; (2) extend the date by which the minimum capital investment must be achieved; (3) require additional capital investment in the amount of $100,000,000 as consideration for extending the date by which the minimum capital investment must be achieved, including associated provisions related to such requirement; and (4) extend the date by which certain documents must be submitted to the City in connection with the Building Permit Fee Grant to coincide with achievement of the required capital investment.
RECOMMENDATION:
That the City Council approve the first amendment and authorize the City Manager, or her designee, to execute the first amendment as set forth in the caption above.