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Approval of an Economic Development Agreement Between the City of Lewisville and Moonshot Electrical & Controls, LLC, and Authorization for the City Manager, or Her Designee, to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
Moonshot Electrical & Controls, LLC (“Company”) plans to occupy Building 3 at 1100 Spinks Road that will provide a facility with 500,000 square feet of office/warehouse space. This will be an expansion and relocation of their current facility in Denton. The agreement requires the Company to make a minimum investment of $8,500,000 in real property improvements and $10,000,000 in business personal property improvements on the property. The agreement also requires the Company to maintain a minimum of 290 full-time employees throughout the term of the Agreement, including relocating 90 existing full-time positions to Lewisville, creating 200 new full-time positions by June 30, 2028, and conducting a minimum of three outreach events and/or job fairs targeting City of Lewisville residents. In return, the City will provide a 10-year grant equal to 75% of the real property and business personal property taxes paid to the City of Lewisville for years 1-5 and 50% for years 6-10. The City will also provide a one-time waiver equal to 100% of all fees paid to the City at the time of applying for a building permit.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager, or her designee, to execute the agreement as set forth in the caption above.