Discussion and action on a Resolution authorizing the City Manager to sign a Chapter 380 Economic Development Program Agreement (“Agreement”) between the City of El Paso (the “City”) and Pioneers 21 (the “Applicant”). The City will provide Applicant with grant payments for costs incurred in operating a business incubator in downtown El Paso that will support local entrepreneurship and innovation development and accelerate economic development efforts in the City. The total amount of grant payments paid to the Applicant shall not exceed $1,200,000.00 over the term of the Agreement. The Applicant’s eligibility for the grant payments shall be limited to four years. The City shall review the Applicant’s eligibility for Grant Payments on a quarterly and annual basis.

What this record is

Amount

$1.20M

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

contract

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Read automatically from the title of the official record. The source document below is authoritative.

Committee

City Council Work Session

Introduced

April 9, 2024

On agenda

April 22, 2024

Where it was heard

City Council Work Session Apr 22, 2024 Approve Pass

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