Title
Consider a resolution establishing a Chapter 380 Economic Development Program for Chatsworth Products, Inc.
Body
Chatsworth is a leading global supplier and manufacturer of systems designed to organize, store and secure IT infrastructure equipment. They have been in business since 1991 and have several locations in the United State and internationally. They have a client base consisting of organizations such as Dell, Office Depot, and AmerisourceBergen, just to name a few.
This Chapter 380 Economic Development program requires Chatsworth to secure a lease on a facility in Round Rock and maintain the lease for a minimum of seven years, invest at least $1,200,000 in equipment and other building improvements, and employ at least forty (40) employees. The City's obligations are to make economic incentive payments totaling $50,000 over two years ($25,000 in year one and two).
A corresponding Chapter 380 Economic Development Program Agreement is a separate item on this agenda and sets out the terms and provision of this Program in more detail.