STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 13, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize an amendment to the Chapter 380 Grant Agreement with Chime Solutions, Inc. ("Chime") previously approved on May 22,2019 by Resolution No. 19-0827 to (1) delete a requirement for Grant Installment #2 that Chime execute a right of first refusal to lease an additional 30,000 square feet within Red Bird Mall with a minimum five-year term and obtain a final certificate of occupancy for the additional minimum 30,000 square feet by June 30, 2022; (2) delete a requirement for Grant Installment #2 that Chime make an additional investment of at least $2,200,000.00 in business personal property (furniture, fixtures, machinery & equipment) at Red Bird Mall by June 30, 2022; (3) increase Chime's job creation requirement for Grant Installment #2 from an additional 500 new full-time equivalents "FTEs") to an additional 700 new FTEs (for a cumulative minimum total of 1,200 FTEs by June 30, 2022; and (4) add a third grant installment ("Grant Installment #3) in an amount not to exceed $500,000.00 in consideration of Chime creating an additional 250 new FTEs (for a cumulative minimum total of 1,450 FTEs) by December 31, 2023 - Not to exceed $500,000.00 - Financing: Public/Private Partnership Fund
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BACKGROUND
In May 2019, City Council approved Resolution No. 19-0827, authorizing a Chapter 380 Grant Agreement with Chime in an amount not to exceed $2,000,000.00 (payable in two equal installments of $1,000,000.00 each) to support Chime's establishment and operation of a new business process outsourcing center ("BPO") within Red Bird Mall located at 3662 West Camp Wisdom Road.
Grant Installment #1 in the amount of $1,000,000.00 was disbursed to Chime in December 2019 upon Chime's performance of the foll...
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