Discussion and action on a Resolution authorizing the City Manager to sign a Chapter 380 Economic Development Program Agreement (“Agreement”) by and between CITY OF EL PASO (“City”) and 4780 and 4772, LLC, DBA Cotton Exchange (“Applicant”) in support of an infill development project located at 4780 Doniphan Drive, El Paso, Texas 79922. The Agreement requires the Applicant to make a minimum investment of $1,100,000.00. Over the term of the Agreement, the City shall provide economic incentives not to exceed $65,307 in the form of a Real Property Tax Rebate, a Construction Materials Sales Tax Rebate, and a Building Construction Fee Rebate. The Agreement may be extended to 10 years with additional Real Property Tax Rebate in years 6-10 if 4780 and 4772, LLC, DBA Cotton Exchange meets the criteria outlined in Section 1(M) of the Agreement based on the percent of total tenants who are minority- owned business; women-owned business; or nonprofit organizations.

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