From
Letecia McClendon
Title
Resolution granting a revised 380 Incentive Agreement with Dolabi Family LTD, doing business as National Autobody Parts, granting a 75% rebate on real property for nine years
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
Dolabi Family LTD (doing business as National Autobody Parts, headquartered at 2000 East Main), has submitted a revised Application for Tax Incentives associated with the resolution Council passed on October 19, 2017, granting the company a 75% rebate on real property for nine years.
While National Autobody Parts still desires to build a new 25,000 square foot corporate office to house administrative and sales offices (as well as to modernize existing warehouse operations by adding fiber optic infrastructure and inventory software to maximize data collection and account for inventory and sales), the company has reduced its expected improvements to a total of $3.75 million and its expected new full-time jobs to 10. Nevertheless, National Autobody Parts representatives estimate that 95% of their total 64 jobs will be held by Grand Prairie residents.
Since National Autobody Parts is located within an existing Enterprise Zone, the company qualifies for consideration of a lower investment. Therefore as an incentive for National Autobody to expand its operations in Grand Prairie, staff is recommending Council consideration of a nine-year, 75% property tax rebate on their real and business personal property, exclusive of inventory.
Financial Consideration
Projected Investment - Added Real Estate Improvements: $3,750,000
Projected - Real Property Rebate: $25,124.92 per year (or $226,124.28 over 9 years)
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, TO ENTER INTO A CHAPTER 380 AGREEMENT WITH DOLABI FAMILY LTD FOR REBATE ON REAL AND PERSONAL PROPERTY TAXES FOR NINE YEARS
Whereas, Dolabi Family LTD has operated National Autobody Parts in Grand Prair...
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