TOWN STAFF REPORT RECOMMENDATIONS
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Discuss, consider and act regarding Chapter 380 Economic Development Agreement with Pluralsight.
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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".
In complete alignment with the vision for economic development espoused by the Town and the WDC, this economic development incentive agreement as proposed is intended to increase the number of primary jobs as defined by the Development Corporation Act and increase investment within and around the Town.
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 agreement incentivizes economic development within the Town by offering a cash grant in the form of sales and use tax revenues to assist with finish out, fixtures, furniture, and other technological needs; a waiver of building permit fees; and expedited plan review. For consideration of the economic development incentive, the company --- Pluralsight --- will increase the supply of full-time (or equivalent) employment opportunities; activate underutilized space; and stimulate increased demand for commercial activity within the Town (e.g., lodging, r...
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