STRATEGIC PRIORITY: Economic Development
AGENDA DATE: January 12, 2022
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 economic development agreement with Ford Next LLC (Ford) or an affiliate, which includes the following: (1) a business personal property tax abatement exempting 50% of the taxes on the added value to the net new tangible personal property for a period of five years - Estimated Revenue Foregone: up to $3,013,208.00 over a five-year period; and (2) a Chapter 380 Economic Development Grant in the amount of $250,000.00, for construction of an autonomous vehicle facility and the creation of 250 new jobs at 2335 Burbank Street, Dallas, Texas, 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
Ford Next LLC (a subsidiary of Ford Motor Company, referred herein as Ford) has partnered with Argo Al, a global autonomous vehicle technology platform company headquartered in Pittsburgh, to develop self-driving vehicle technology. Ford and Argo Al have partnered for similar projects in Miami, Austin, and Washington D.C.
To continue to grow and develop self-driving vehicle technology, Ford has developed Autonomous Vehicle Facilities, which are centers which store, service, and manage fleets of autonomous vehicles. For its latest Autonomous Vehicle Facility (AVF), Ford has narrowed its final site locations to Dallas and two sites in California. If Ford chooses Dallas as the AVF location, it will lease a 32,361 square foot space located at 2335 Burbank Street in Dallas (Council District 2). The proposed location is within a State of Texas Enterprise Zone. To support the AVF, Ford will create a minimum of 250 new jobs as described herein and will invest, including the autonomous vehicle fleet, a minimum of $160...
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