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 LITOS Texas, LLC., 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 five (5) year agreement obligates LITOS Texas, LLC., pursuant to an economic development incentive to invest an aggregate estimated amount of $31,000,000.00 for the construction of two institutional-quality LEED certified buildings on approximately 53 acres that will operate as a light manufacturing center and create at least 20 new full-time permanent jobs. Rebates will be based on performance and annual compliance.
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VIVA LAREDO PLAN ALIGNMENT
Alignment Rating: Strong
Supporting goal(s)/policy(ies):
Economic Development Overall Goal - Viva Laredo City of Laredo Comprehensive Plan, p. 50
"Build greater industry diversification, increase access to good-paying jobs, and enhance the capacity for entrepreneurship through a commitment to utilizing economic development tools and further private sector engagement."
Relevance: The Chapter 380 Agreement is an economic development tool intended to leverage private-sector investment, support light manufacturing, and create permanent jobs.
Goal 9.1 - Viva Laredo City of Laredo Comprehensive Plan, p. 50
"Increase the capacity for and ability to pursue investments and opportunities for job growth."
Relevance: The agreement directly supports private investment and job creation through a formal incentive structure.
Policy 9.1.2 - Viva Laredo City of Laredo Comprehensive Plan, p. 50
"Utilize a well-communicated and transparent framework for incentives."
Relevance: A City Council-approved Chapter 380 Agreement establishes a public incentive mechanism tied to invest...
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