Agenda No. 6.
SEDC MEMORANDUM
| SEDC Board Meeting: | 11/16/2023 |
| Department: | Economic Development Corporation |
| Subject: | Resolution 2023-7 - Authorizing the amendment to the Performance Agreement Scherz 312 Phase I, Titan, Schertz 35 Business Park located on Tejas Way south of Doerr Ln. (S.Wayman) |
BACKGROUND
On May 7, 2018, the Schertz 312 Party and Schertz EDC entered into an agreement that was amended by that First Amendment to Economic Development Performance Agreement – Schertz 312 dated February 28, 2019, as amended by that Second Amendment to Economic Development Performance Agreement – Schertz 312 dated July 25,
2019, as amended by that Third Amendment to Economic Development Performance Agreement –
Schertz 312 dated April 23, 2020, as amended by that Letter Agreement dated August 10, 2020.
For the agreement and subsequent amendments, Schertz 312 received FOUR MILLION DOLLARS ($4,000,000) for infrastructure improvements.
2019, as amended by that Third Amendment to Economic Development Performance Agreement –
Schertz 312 dated April 23, 2020, as amended by that Letter Agreement dated August 10, 2020.
For the agreement and subsequent amendments, Schertz 312 received FOUR MILLION DOLLARS ($4,000,000) for infrastructure improvements.
COMMUNITY BENEFIT
The infrastructure will support expanded business enterprise.
FISCAL IMPACT
SUMMARY OF RECOMMENDED ACTION
Schertz EDC recommends approval of the 5th Amendment.