Memo Resolution Economic Development agreement with Lowes Corp.Agenda No. 5
CITY COUNCIL MEMORANDUM /RESOLUTION
City Council Meeting:
Department:
Subject:
BACKGROUND
February 12, 2008
Economic Development
Development Agreement with Lowe's
Corporation
When the Lowe's Corporation was originally considering Schertz for a new store in early 2006,
development consultants met with economic development staff to ascertain what kinds of
incentives were available. Staff informed Lowe's that the city could assist with infrastructure
costs associated with water lines and power pole relocation.
FISCAL IMPACT
The agreement as structured will allow the Schertz Economic Development Corporation
reimburse the Lowe's Corporation $108,840 for extraordinary infrastructure costs associated
with the site in Schertz. The 4B board originally agreed to reimburse up to $228,000 for certain
infrastructure costs, but after further negotiations and review with Lowe's engineers and the
City's public works department, ED staff felt that the $108,840 reimbursement was for a
legitimate public purpose. The 413 monies reimburse the Lowe's corporation for complying with
the city's request to relocate an existing 12" water line that conflicted with the footprint of the
building and abandon the easement for the former water line.
RECOMMENDATION
Staff recommends approval of the reimbursement
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ:
That the above stated staff recommendations are hereby approved and authorized.
PASSED AND APPROVED at a regular meeting of the City Council of the City of Schertz,
Texas this 12th day of February, 2008, at which meeting a quorum was present, held in
accordance with the provisions of V.T.C.A., Government Code, §551.001 et seq.
APP OVE
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Hal Baldkvin, Mayor
Page 2
ATTEST:
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Brenda Dennis, City Secretary
ATTACHMENT
Exhibit 1: Lowe's Development Agreement
Exhibit 2: ED letter sent to Lowe's