From
Megan Mahan
Title
Resolution granting a Chapter 380 Economic Development Agreement with Grand Prairie Local Government Corporation for a cash grant of $2,000,000 to be used for purchase and maintenance of real property
Presenter
Megan Mahan, City Attorney
Recommended Action
Approve
Analysis
The City created the Economic Development Department to oversee programs authorized by Texas law and approved by the City Council. Included among those programs are ones authorized by Chapter 380 of the Texas Local Government Code (the “Program”), to promote state and local economic development and to stimulate business and commercial activity in the City.
Grand Prairie has determined that this Program will directly establish a public purpose - and that all transactions involving the use of public funds and resources in the establishment and administration of the Program as authorized will promote state and local economic development and will stimulate and promote business and commercial activity in the City.
To assist in governmental functions relating and to promoting economic development within the City, City desires the Grand Prairie Local Government Corporation ("GPLGC") to establish a program, in coordination with City’s economic development programs, to purchase and consolidate ownership or real property within the City identified as suitable for the location, relocation, and/or expansion of businesses within the City. GPLGC has advised that a contributing factor that would induce GPLGC to establish such a program and make it financially feasible to purchase properties identified as part of such program, a grant of funds is necessary to establish a pool available to GPLGC to purchase identified properties. This agreement creates this fund. Staff has determined that making an economic development grant to the GPLGC in accordance with this Agreement is consistent with City’s Economic Development Program and will (i) further City’s objectives, (2) ben...
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