PRESENTER: Presenter
Michele Boggs, Senior VP of Economic Development, New Braunfels Chamber of Commerce
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Public hearing, discussion, and possible action approving an economic development agreement with Worth & Associates, for the transfer of electrical infrastructure equipment, pursuant to Section 505.155 of the Texas Local Government Code.
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 3
BACKGROUND INFORMATION:
In September 2013, the New Braunfels Industrial Development Corporation (former name of the current New Braunfels Economic Development Corporation), approved a project expenditure of financial incentives and electrical infrastructure to IBEX Global Solutions. Expenditure details include a $450,000 electrical generator to ensure an uninterruptible power supply to the building and $600,000 in funding, over three years, for the employment of 600 jobs.
An agreement between IBEX and the property owner indicated that the New Braunfels Industrial Development Corporation would retain ownership of the generator; however, IBEX is no longer a tenant at this location and the generator is still connected to the building at 1672 Independence Drive, New Braunfels, TX 78132.
A new tenant is planning to lease the suite formerly leased by IBEX and intends to use the electrical generator. The agreement is between the property owner, Worth & Associates, and the NBEDC. The Company will guarantee employment of 10 positions in the facility as of April 1, 2026.
ISSUE:
Transferring the ownership of an electrical generator, purchased by the NBIDC in late 2013 to support job creation/retention, to the property owner for a new tenant’s use.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
There is no additional expense required for this item as the generator was purchased in 2013 and paid in full.
Recommendation
RECOMMENDATION:
Staff recommends approval of the equipment transfer to the property owner to support job retention/creation.