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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested February 25, 2019 <br />Requested By: Ryan Cramer, Econ. Dev. Coordinator <br />Department: CMn <br />Report Resolution: X Ordinance: <br />Exhibit: Proposed Resolution <br />Exhibit: Enterprise Zone Application <br />Appropriation <br />Source of Funds: <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />Valvoline has approached the City asking for the City to designate their new project off of S. 161h in Port <br />Crossing as a half enterprise project with the State. <br />The Texas Enterprise Zone Program is a program in which the State remits some of their portion of sales and <br />use tax back to a business in exchange for capital investment and job creation. The City pays or relinquishes <br />nothing for a business to be a part of the program. Valvoline's capital investment will be $6,000,000 and create <br />50 new job. Of these 50 jobs, 10 will be "for benefit" and count towards the Enterprise Zone program. To be <br />counted "for benefit" the job must average weekly wage which meets or exceeds the average county weekly <br />wage in the county in which the qualified business site is located. <br />Cities of our size get six nominations per biennium; as we have not used one of our nominations since 2013 <br />with Equistar Chemicals, this would leave us with five and a half nominations to use by August 31, 2019. <br />Action Required by Council: <br />Consider approval or other action regarding a resolution designating Valvoline as a half enterprise project. <br />Approved for City Council Agenda <br />Corby D. Alexander, City Manager <br />Date <br />