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GARLAND CITY COUNCIL STAFF REPORT
			Agenda Item 9.
City Council Regular Session
Meeting Date: 05/21/2024   Title:    Request for Development Assistance from Wells Fargo Bank, NA Submitted By: Ayako Schuster Strategic Focus Area: Growing Economic Base
Issue/Summary
Council is requested to consider approving the Incentive Agreement with Wells Fargo Bank, NA to invest and lease in a data center being developed by Digital Realty.
Background
Wells Fargo Bank, NA plans to acquire a leasehold and to invest a significant amount of equipment into the facility being developed by Digital Realty near the intersection of Holford and TX190. They will be the sole tenant of a new 178,762 square food data center at 805 Holford Rd. They plan to make a minimum capital investment of approximately $150 Million in new equipment. There are three phases planned, with two additional building expansions past the initial construction within a 10 year period, each with additional equipment anticipated.
Consideration / Recommendation
Approval of the incentive agreement with Wells Fargo Bank, NA. Agreement includes a rebate of taxes associated with new business personal property “BPP” of 40% for 4 years per phase with up to 3 phases of rebates for new equipment installed at the site between 2025-2035 tax years. Additionally, it includes a sales tax rebate of 40% for the years 2025-2028 in any year that the developer exceeds $20 million in purchases made at the site.
Attachments Proposed Economic Development Incentive Agreement

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