STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 10, 2021
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) a Chapter 380 Economic Development Grant Agreement, upon approval as to form by the City Attorney, in an amount not to exceed $250,000.00; and (2) nomination to receive designation as an Enterprise Zone Project under the Texas Enterprise Zone Act, as amended (Texas Government Code, Chapter 2303) to the Office of the Governor, Economic Development and Tourism division, through the Economic Development Bank; with CBRE, Inc. or an affiliate thereof in connection with jobs created and retained and workforce development associated with a new office development in accordance with the City's Public/Private Partnership Program - Not to exceed $250,000.00 - Financing: Public/Private Partnership Fund
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BACKGROUND
CBRE, Inc. or an affiliate thereof CBRE, a large commercial real estate services and investment firm previously headquartered in Los Angeles, announced in October 2020 it was relocating its headquarters from Los Angeles to Dallas. CBRE currently has three offices in Dallas: 2100 McKinney Avenue, 2100 Ross Avenue, and 8080 Park Lane. These three locations will be replaced by a to-be-constructed office tower to be built in the Uptown neighborhood of Dallas.
CBRE currently employs 700 full-time staff in Dallas. For this project, CBRE will retain the current 700 full-time employees in the City of Dallas through the end of 2033. Additionally, CBRE has committed to create a minimum of 250 new jobs by December 31, 2028. A "job" is defined as a full-time permanent employee of CBRE or its affiliates and/or subsidiaries, scheduled to work at least 35 hours per week and offered benefits.
Office of Economic Development staff recommend City Council approval of the following economic dev...
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