Plano introduces modernization grant program to boost economic development
Published: Fri, 12/15/23
Plano introduces modernization grant program to boost economic development
By Winston Henvey / Star Local Media
City of Plano
The city of Plano is piloting a new modernization grant program, according to City Manager Mark Israelson.
At a Tuesday reconvened council meeting, Council Member Anthony Ricciardelli pulled two items from the consent agenda. One of those items was an economic development incentive agreement to help A&M Peak LTC with modernization improvements to 5228, 5232, 5236, and 5240 Tennyson Parkway. These buildings make up the ELEVAR office campus. According to the agreement, the minimum total value for the improvements should be $20.5 million.
The resolution for the agreement states that A&M Peak LTC must spend a minimum of $15.3 million on modernization improvements, as well as a minimum of $5.2 million to improve the existing HVAC system and common spaces.
Upon inspection, if A&M Peak LTC complies with the requirements of the agreement, the city will issue a $1.9 million grant to A&M Peak LTC for the improvements, the resolution for agreement said.Ricciardelli said that A&M Peak LTC had already planned on making the building improvements. While the city will incentivize companies to take action, such as relocating or improving an older building, Ricciardelli said he was against incentivizing something that an incoming company already planned on doing.
Israelson told council that the building improvements were about to be cut from A&M Peak LTC’s overall relocation project. So, city staff deemed it necessary to incentivize the improvements. He added that the city recently started a building modernization program to partner with cities on building improvements, and this agreement was among one of the early incentives for the new program.
The agreement passed 7-1, with Ricciardelli voting against the item.