Discussion and action on a Resolution authorizing the City Manager to sign a Chapter 380 Economic Development Program Agreement (“Agreement”) by and between the CITY OF EL PASO (“City”) and FERVERET, INC., (“Applicant”), to further the municipal purpose of promoting economic development in the City, in support of the business operations at the Innovation Factory located at 501 George Perry Suite F, El Paso, Texas 79925 and as more particularly described and depicted on Exhibit A of the Agreement. The business operations include the development of the Applicant’s immersion cooling solution technology, which aims to address the increasing demand for power-intensive microchips and reduce data center emissions. The Agreement requires the Applicant to create 30 full-time employees, or an equivalent number of hours at or above the median county wage for El Paso County, Texas within the first 3 years of the Agreement. Over the term of the Agreement, the City shall provide economic incentives not to exceed $875,634.84 in the form of Rental Assistance, Operating Expenses, Tenant Improvements, and Business Expense assistance.

Other Business Agenda Ready Introduced August 18, 2025

What this record is

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