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AI# 10466
Regular City Council Meeting
7.17.
02/22/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a program or expenditure of the Lubbock Economic Development Alliance (LEDA), to be provided to Mandry Technologies Solutions, LLC, for the creation of new primary jobs in the City of Lubbock, pursuant to Section 501.073 of the Texas Local Government Code.
Item Summary
Mandry Technologies Solutions, LLC has been listed as one of the top 100 Managed Service Providers (MSP) in the world. They are expanding their current operations in Lubbock, adding $30,000 in new equipment, and adding 15 full-time jobs, with an average salary of $60,000.
On January 26, 2022, the Lubbock Economic Development Alliance (LEDA) Board of Directors voted to grant job creation incentives up to a maximum of $37,500, to Mandry Technologies Solutions, LLC, for the creation of 15 new, primary jobs. The grant amouont will be at a rate of $2,500 per job that is created and maintained in Lubbock. The incentives will be paid out over a 5-year period as jobs are created and maintained.
Fiscal Impact
LEDA will provide the incentive of $2,500 per job created and maintained (not to exceed $37,500), to be paid out over a 5-year period.
Staff/Board Recommending
Jesica McEachern, Assistant City Manager
Lubbock Economic Development Alliance Board of Directors
Attachments
Resolution
Project Summary
LEDA Resolution
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