STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: May 13, 2020
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize an amendment to Resolution No. 19-1166, previously approved on August 14, 2019 for the Chapter 380 Economic Development Grant Agreement and Business Personal Property Tax Abatement ("Incentive Agreement") with Uber Technologies, Inc. to (1) extend deadlines for certain city-imposed contractual requirements due to the economic impact of COVID-19; and (2) modify the termination date of the Incentive Agreement to be consistent with monitoring requirements - Financing: No cost consideration to the City
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BACKGROUND
On August 14, 2019, City Council authorized a business personal property tax abatement and Chapter 380 grant agreement with Uber Technologies, Inc. or an affiliate thereof ("Uber") in connection with the proposed expansion of certain corporate operations into a new two phase office development located at 2550 Pacific Avenue in accordance with the City's Public/Private Partnership Program (the "Incentive Agreement") by Resolution No. 19-1166. The City and Uber subsequently executed the Incentive Agreement on October 9, 2019.
Since the execution of the Incentive Agreement, Uber has signed a lease for 168,000 square feet at the existing Epic office tower, and will continue to occupy that space while the second Epic office tower is constructed. Once the second 500,000 square foot Epic office tower is constructed, Uber will lease 450,000 square feet of that building and move all of its operations into the new second tower.
Under the Incentive Agreement, Uber agreed to invest a minimum of $60,000,000.00 in leasehold improvements associated with the two buildings, along with $50,000,000.00 in business personal property. Uber will hire a minimum of 2,500 employees at the Epic with an a...
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