Item 7AItem 7A Ordinance No. 964 City Council – January 19, 2010 Enterprise Zone Applications - Sabre Inc. - Travelocity.com LP Greg Last Presentation Topics Sabre Holdings Overview Texas
Enterprise Zone Program Overview Applications Sabre Inc. Travelocity.com LP Future Obligations Discussion Sabre Holdings Southlake’s Largest Employer Partners on many programs Barbra
Anderson Tx Enterprise Zone Government Code, Chapter 2303 Administered through Governor’s Office, ED&T Division Refunds a portion of state sales and use taxes (Tax Code, Section 151.429)
Call for projects quarterly: March, June, Sept., and December Max of six per City per biennium Competitive, 105 projects per biennium Applications Sabre Inc. and Travelocity.com LP Focus
on job retention Identifying 500 jobs to retain Capital investments of $5-10M Potentially would include an additional parking garage / lot, capitalized software, computers (servers),
FFE Benefit is $2,500 per retained job, not to exceed $250,000 per year and $1,250,000 for five years Qualifications Both Sabre Inc. and Travelocity.com LP are Qualified Businesses that
can hire 35% of their new employees that are residents of an Enterprise Zone or are Economically Disadvantaged Employees Qualified Business A Qualified Business “…conducts business in
an area that does not qualify as an Enterprise Zone and at least 35% of their new employees are either residents of an Enterprise Zone or are economically disadvantaged”. Enterprise
Zone Census block group with at least 20% of residents at or below 100% of the federal poverty level Federal designation as a renewal community, federal empowerment zone, or federal
enterprise community A county with a poverty rate above 15.4%, at least 25.4% of the adult population do not hold a high school diploma, and a preceding five year unemployment rate above
4.9% Economically Disadvantaged Employee Unemployed for at least 3 months prior Receives public assistance benefits intended to alleviate poverty Is low income as defined by 1998 Workforce
Investment Act Is low or moderate income under Housing Act of 1937 An individual with a disability Selected other groups City Obligations Approve nomination ordinance Application Sections
Summary of Community Effort Summary of Business Activity in the Area Future: Annual questionnaire to State Sabre / Consultant Obligations Annual certification regarding Enterprise Zone
resident or disadvantaged employee qualifications Apply for annual refunds Retain jobs Recommendation Approve Ordinance No. 964 nominating Sabre Inc. and Travelocity.com LP to the office
of the Governor, Economic Development & Tourism division, through the Economic Development Bank as Enterprise Projects Discussion Greg Last, 8037 Program Overview Definitions Definitions
Definitions