The URL can be used to link to this page

Item 6AItem 6AOrdinance No. 964City Council – February 2, 2010Enterprise Zone Applications - Sabre Inc.- Travelocity.com LP Greg Last Draft - 01 2 3 Presentation Topics Sabre Holdings Overview Texas Enterprise Zone Program Overview Applications Sabre Inc. Travelocity.com LP Future Obligations Discussion 4 Sabre Holdings Southlake’s Largest Employer Partners on many programs Barbra Anderson 5 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 Program Overview 6 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 Discussion 7 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 Discussion Economically Disadvantaged Employees Enterprise Zone Qualified Businesses 8 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”. Definitions Discussion Back 9 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% Definitions Discussion Back 10 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 Definitions Discussion Back 11 City Obligations Approve nomination ordinance Application Sections Summary of Community Effort Summary of Business Activity in the Area Future: Annual questionnaire to State Discussion 12 Sabre / Consultant Obligations Annual certification regarding Enterprise Zone resident or disadvantaged employee qualifications Apply for annual refunds Retain jobs Discussion 13 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