From
Bob O’Neal, Economic Development Director
Title
Resolution authorizing the assignment of the partial tax abatement from WR Pioneer Parkway, LLC to CPUS 1303 W. Pioneer Parkway, LP, a Delaware limited partnership for the ad valorem real estate improvements of the 858,000 square foot distribution facility located at 1303 W. Pioneer Parkway, Grand Prairie, Dallas County, Texas
Presenter
Bob O’Neal, Economic Development Director
Recommended Action
Approve
Analysis
As an incentive to locate the national call center and regional distribution center of Restoration Hardware to Grand Prairie, Council approved a 75% / 9 year partial tax abatement on the combined business personal property and real estate improvements on September 18, 2012.
Since that time, WR Pioneer Parkway (original owner of the ad valorem real estate improvements) conveyed title of the building to CPUS 1303 W. Pioneer Parkway and desires to assign, transfer and convey to CPUS 1303 W. Pioneer Parkway any and all rights WR Pioneer Parkway has in and to the partial abatement agreement as it relates to the relevant real estate. In accordance to the terms and conditions of the partial tax abatement, WR Pioneer Parkway may assign the partial tax abatement to a third party upon sale of the property with the City’s consent.
CPUS 1303 W. Pioneer Parkway operates under the investment management group of CBRE Global Investors. CBRE has 1900 employees in the Dallas area, and is one of the world’s largest real estate investment management firms with over $86 billion in assets under management.
Financial Consideration
No financial impact.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING ASSIGNMENT OF A PREVIOUSLY APPROVED PARTIAL TAX ABATEMENT TO A BUILDING NEW OWNER
Whereas, WR Pioneer Parkway, LLC conveyed title of the building located at 1303 West Pioneer Parkway, Grand Prairie, Dallas County, Texas, to CPUS 1303 W. Pioneer Parkway, LP, a Delaware limited partnership; an...
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