Carrollton approves up to $1.8 million in job-creation grants to PennyMac, 6–1

Council pulled Item 25 from the consent agenda for separate consideration: a proposed job-creation grant program for PennyMac Loan Services LLC at 5025 Plano Parkway.

Economic Development Director Jenny Zolflder described the incentive as a cash job-creation grant not to exceed $1,800,000, paid as PennyMac certifies hires under a 10-year agreement. "The incentive is for 1,200 employees," Jenny said; staff said payments would be tied to certification tranches (first 500, then remaining 700) and that some staff would be consolidated from other company locations but that the majority of positions are expected to be new hires tied to the company's expansion plan.

Former council member Adam Poulter urged council to reject the measure in public comment, saying there was "no ROI" and suggesting the city's funds could be used for other public-safety or community needs instead. Supporters, including a council member who moved the motion, said attracting a large employer and filling an idle building has longer-term economic benefits beyond immediate sales-tax capture.

Council discussed funding sources and payback expectations; staff clarified the economic development fund would be used (the fund itself is supported by the city's general fund). Council Member Carpenter moved to approve the resolution and Deputy Mayor Pro Tem Daisy Palomo seconded; the motion passed 6–1 with Council Member Fleming casting the no vote.

Per staff, payments are contingent on PennyMac meeting the job thresholds and certifying hires; if the company does not meet the 1,200-employee threshold, it will not receive the full grant payout. The agreement is intended to spur job creation and to position Carrollton as a location for financial-services firms.

Next steps: the city manager will negotiate the final contract consistent with the certified job thresholds and terms described in the resolution.