From
Terrence Harbin
Title
Resolution approving an amendment to the February 19, 2019 Economic Development Agreement with Gruma Corporation dba Mission Foods, to include the newly created Gruma Grand Prairie, LLC, as an additional owner of ad valorem tangible business personal property improvements to the 775,094+ square foot manufacturing and production facility at 2404 West Pioneer Parkway in the City of Grand Prairie, Tarrant County, Texas
Presenter
Megan Mahan, City Attorney
Recommended Action
Approve
Analysis
As an incentive to expand the manufacturing and production lines in Grand Prairie, on February 19, 2019, Council approved a 75% / 7 year incentive package on the added manufacturing and production equipment improvements.
Since that time, Gruma Corporation dba Mission Foods has created a limited liability company named Gruma Grand Prairie, LLC in which to acquire, purchase and own certain equipment for the expansion project. Therefore, Gruma Corporation dba Mission Foods desires to amend the original Economic Development Agreement by adding Gruma Grand Prairie, LLC as an additional owner of manufacturing equipment at their Grand Prairie manufacturing plant.
Financial Consideration
No financial impact.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING AN AMENDMENT TO A PREVIOUSLY APPROVED ECONOMIC DEVELOPMENT AGREEMENT WITH GRUMA CORPORATION DBA MISSION FOODS TO INCLUDE GRUMA GRAND PRAIRIE, LLC
Whereas, Gruma Corporation dba Mission Foods desires to amend the Economic Development Agreement dated February 29, 2019, and add Gruma Grand Prairie, LLC as a party to the agreement as an owner of certain manufacturing and production equipment as it relates to the added ad valorem tangible business personal property at its manufacturing plant located at 2404 West Pioneer Parkway; and
WHEREAS, the City Council has determined that it is in the public interest to amend the Economic Development Agreement as it relates to the added ad valorem tangible business personal property.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. THAT the amendment of the Economic Development Agreement as it relates to the added ad valorem tangible business personal property is approved and the City Manager is hereby authorized to execute contracts.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, OCTOBER 15, 2019.