TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act regarding Resolution 25-26 to approve an economic incentive agreement with Pluralsight as recommended by the Westlake Development Corporation, Inc (EDC 4B).
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STAFF: Jason Alexander, AICP, CEcD, Deputy Town Manager
BACKGROUND:
Pursuant to the provisions set forth in Chapter 380 of the Texas Local Government Code, as amended, and the provisions set forth in Chapters 501 and 505 of the Texas Local Government Code, as amended (i.e., the "Development Corporation Act"), this economic development incentive is an agreement between the Town of Westlake (the "Town"), the Westlake Development Corporation (the "WDC"), and a business prospect to "promote state or local economic development and to stimulate business and commercial activity in the municipality".
As a joint economic development incentive agreement between the Town and the WDC, the terms and conditions that are contained therein are in complete alignment with the vision for economic development espoused by the Town and the WDC. This vision includes increasing the number of primary jobs as defined by the Development Corporation Act and making the Town and the surrounding communities more attractive to investment.
In particular, the terms and conditions provided for within the economic development incentive agreement focus on: (i) the creation and the retention of full-time (or equivalent) employment opportunities; (ii) the activation of underutilized space; and (iii) increasing the market demand for goods, services, and other commercial enterprises within the Town.
DISCUSSION:
As proposed and presented, this economic development agreement incentivizes the recruitment and the retention of Pluralsight. Pluralsight is a company that provides online professional tech training to a range of clients and customers. To recruit the company to Westlake, the economic development incentive agreement proposes that the WDC offer a cash grant in the f...
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