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Item # 12.

Council Meeting

Meeting Date:	11/10/2020
Department:	Economic Development
Pillars:	Innovation in Entrepreneurship & Business
Milestones:	Leverage Addison's assets to grow and expand placemaking business programs and events that will set Addison apart to attract talent and businesses

AGENDA CAPTION:

Consider Action on a Resolution to Approve an Economic Development Program Grant Agreement with Wingstop Restaurants, Inc. and Authorize the City Manager to Execute the Agreement in an Amount Not to Exceed $111,000.

BACKGROUND:

On July 9, 2019, City Council authorized the City Manager to negotiate an incentive grant agreement with Wingstop Restaurants, Inc. for an amount of $111,000 for the company's global headquarter relocation to Addison. City Council also authorized the City Manager to provide a waiver on construction permits that would be needed for tenant improvements at their new facility in Addison.

As part of the agreement, Wingstop has purchased and will occupy approximately 78,000 square feet of a stand-alone building located at 15505 Wright Brothers Drive. The company will make an estimated $25 million investment for the purchase, improvements to the building, and fund other office space expenditures within and about the premises. The company will employ at least 200 full time positions with an average annual wage of at least $100,309.

The grant provided by the Town will be paid in three installments pending milestones related to space occupancy, number of jobs created, and average wages that must be met by the company as highlighted in the attached agreement. The motion approved on July 9, 2019 approved the incentive, but did not authorize the City Manager to execute the agreement. Authorization is now being requested in the attached resolution to have the City Manager execute the agreement. The funds for the grant have been encumbered in the Economic Development Fund, and the attached agreement has been reviewed by the City Attorney.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution - Wingstop, Restaurants, Inc.