Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Incentives topic
No spam. Unsubscribe anytime.
Staff: Digital Realty Trust agreement restructured so company stays eligible for state TEF funds
Summary
City staff said Digital Realty Trust has asked to scale back a planned $100 million renovation and asked the city to amend its agreement so the project remains eligible for Texas Enterprise Fund (TEF) support; staff said reduced scope increases minimum jobs and lowers the city grant.
The committee asked why a previously authorized agreement with Digital Realty Trust needed to be restructured. Kevin Spath, director of the Office of Economic Development, said the company had planned about $100 million in improvements at 2323 Bryan Street but has scaled back that scope and requested an amendment so it can remain eligible for state Texas Enterprise Fund (TEF) money.
Spath said the revised deal reduces the grant amount from $200,000 to $50,000 while increasing the required minimum jobs in the contract from 43 to 75. Staff indicated company representatives were present to answer technical questions if needed.
Ending: The memo before the committee explained the amendment aligns the public agreement with the company’s revised scope and preserves access to state grant funding; staff said they were available to bring company representatives to future meetings for additional technical detail.
