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CITY COUNCIL AGENDA COMMUNICATION |
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| | | | | | | | | AGENDA DATE: | October 24, 2017 |
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| | | | | | | | | SUBJECT: | Approve an Assignment of Tax Abatement Agreement With Respect to the Plant Building and Test Tower Formerly Owned by Allen Place Office Building I, LLC,, to Century PW Global Investors, LLC. |
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| | | | | | | | | STAFF RESOURCE: | Dan Bowman, Executive Director of the Allen Economic Development Corporation |
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| | | | | | | | | ACTION PROPOSED: | Approve an Assignment of Tax Abatement Agreement With Respect to the Plant Building and Test Tower Formerly Owned by Allen Place Office Building I, LLC., to Century PW Global Investors, LLC. |
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| | | | | | | | BACKGROUND
On September 23, 2014, the City of Allen entered into a tax abatement agreement to support the first phase of the AllenPlace development, which included a Plant Building, Test Tower and Office Building developed by Allen Place Office Building I, LLC. (and occupied by KONE Elevators).
The original owner on the project recently sold the Plant Building and the Test Tower to Century PW Global Investors, LLC. The original owner retained ownership of the Office Building.
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| | | | | | | | STAFF RECOMMENDATION
Staff recommends that the City Council approve an Assignment of Tax Abatement Agreement with respect to the Plant Building and Test Tower formerly owned by Allen Place Office Building I, LLC., to Century PW Global Investors, LLC.
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| | | | | | | | MOTION
I make a motion to approve an Assignment of Tax Abatement Agreement with respect to the Plant Building and Test Tower formerly owned by Allen Place Office Building I, LLC., to Century PW Global Investors, LLC.
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