Title
Conduct a public hearing and consider a resolution approving the terms and conditions of a program (Chapter 380 Agreement) to promote local economic development and stimulate business and commercial activity in the City, authorizing the City Manager to finalize and execute an agreement for such purposes with QuikTrip Corporation for a convenience store and fueling station located at 5500 S. Buckner Boulevard in Mesquite, Texas and authorizing the City Manager to administer the agreement on behalf of the City.
Body
QuikTrip Corporation operates an approximately 5,858 square foot convenience store and 20 fueling stations at 5500 S. Buckner Boulevard, Mesquite, Texas 75149. The Company has agreed to make a commitment to continue operations and to employ and retain at least 4 full-time equivalent employees at the 5500 S. Buckner Boulevard location for 5 years if the City grants the Company an economic development incentive in the amount of 1 percent (less the collection fees retained by the state comptroller) of the local sales and use taxes paid by the Company to the City for taxable sales made at the 5500 S. Buckner Boulevard location. The maximum incentive is $27,150.00. The proposed incentive period is 5 years or when the incentives paid equal $27,150.00, whichever comes first.
Recommended/Desired Action
Following the public hearing, staff recommends approval of the resolution.
Attachment(s)
Resolution
Executive Summary
Drafter
Cliff Keheley
Head of Department
Cliff Keheley