| Item Title: | Economic Development - 381 Agreement with Wulrdwide, LLC (2023-0916) |
| Submitted By: | Jose M. Landeros, Director of Strategic Development, County Administration Department (915) 546-2159 |
| Subject: | Approve and authorize the County Judge to execute the economic development agreement with Wurldwide, LLC, a private business prospect and project located in the City of El Paso's Reinvestment Zone No. 1, in accordance with Texas Tax Code Chapter 381 (Contract No. 2023-0916). |
| Background: | Chapter 381 of the Local Government Code allows counties to provide incentives encouraging developers to build in their jurisdictions. A county may administer and develop a program to make loans and grants of public money to promote state or local economic development and to stimulate, encourage and develop business location and commercial activity in the county.
The county also may develop and administer a program for entering into a tax abatement agreement. This tool allows counties to negotiate directly with developers and businesses.
Source: Texas Comptroller of Public Accounts
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| Fiscal Impact: | |
| Recommendation: | Approve and authorize the County Judge to execute the economic development agreement with Wurldwide, LLC, a private business prospect and project located in the City of El Paso's Reinvestment Zone No. 1, in accordance with Texas Tax Code Chapter 381 (Contract No. 2023-0916). |
| Prior Action: | |
| Strategic Plan: | .. |
| Strategic Plan Information: | |