SUBJECT
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A Resolution of the City Council of the City of Laredo, Texas approving a Chapter 380 Agreement between the City of Laredo and PLM Steel, LLC./AKA Prolamsa., pursuant to an economic development incentive under Chapter 380 of the Texas Local Government Code and authorizing the City Manager to execute all relevant documents, and any other matters incident thereto; providing for severability; providing for an effective date; and providing for publication. The 5 year agreement obligates Project PLM to invest an aggregate estimated amount of $100,000,000.00 and create at least 60 new permanent jobs. Rebates will be based on performance.
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PREVIOUS COUNCIL ACTION
During the June 24, 2024 City Council Meeting in Executive Session, Council motioned to approve the request to move forward with negotiations regarding an incentive to PLM Steel, LLC. pursuant to Chapter 380 of the Texas Government Code, and to have the City Manager and City Attorney proceed accordingly to provide the best and final offer to PLM Steel, LLC. and authorize the City Manager and the Mayor to sign all relevant documents.
BACKGROUND
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COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
recommendation
Recommends approval of this Resolution
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Fiscal Impact
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Change Order: Exceeds 25% Y/N: Click or tap here to enter text.
FINANCIAL IMPACT:
No fiscal impact until 2026.