Presenter/Contact
Presenter
Victor Garza, Economic Development Manager
Contact Info
(830) 221-4621 - vgarza@nbtexas.org
Subject Header
SUBJECT:
Title
Discuss and consider approval of a resolution recommended by the New Braunfels Economic Development Corporation to provide up to $600,000 in financial incentives to Titan New Braunfels Industrial, LLC, for infrastructure improvements including water, wastewater, electric utilities and roadway infrastructure necessary to develop new or expanded business enterprises.
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BACKGROUND / RATIONALE:
Titan Industrial Development is ready to move into Phase II expansion of their New Braunfels industrial park. Titan plans to add an additional total of 612,950 square feet of industrial space. Titan will spend $67,700,000 million for site and leasehold improvements. There are potential tenants lined up for some of the space and the remainder will be speculative.
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
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Strategic Priorities |
Growth & Development |
Work with existing entities to ensure balanced economic development. |
FISCAL IMPACT:
$600,000 from the EDC funds - terms sheet attached
Recommendation
COMMITTEE RECOMMENDATION:
The New Braunfels Economic Development Corporation board voted to approve the incentives 6-0 on August 1, 2018.
STAFF RECOMMENDATION:
Staff recommends approval of this expenditure as it meets our Public Private Partnership goals of increasing Industrial space.