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HomeMy WebLinkAboutResolution - 2022-R0094 - LEDA Expenditure to Mandry Technologies SolutionsResolution No. 2022-R0094 Item No. 7.17 February 22, 2022 RESOLUTION WHEREAS, pursuant to Section 501.073 of the Texas Local Government Code the of Lubbock, as the corporation's authorizing unit, has the authority to approve all programs expenditures of the Lubbock Economic Development Alliance (LEDA); and WHEREAS, the City Council finds that it is in the best interest of the public to appra the program or expenditure, as proposed to the City Council by LEDA, as set forth in Exhi "A" attached hereto and incorporated herein by reference; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the program or expenditure of the Lubbock Economic Development Alliance, the amount set forth in Exhibit "A" attached hereto and incorporated herein by reference, to provided to Mandry Technologies Solutions, LLC is hereby approved pursuant to Secti 501.073 of the Texas Local Government Code. Passed by the City Council on February 22, 2022 L-,j DANIEL M. POPE, MAYOR ATTEST: C),�, )� Retie ca Garza, City Sec t OVED AS TO Gerardi, Direct&of *siness Development AP VED AS TO FORM: kA�,Z_- — elli Leisure, Assistant City Attorney ccdocs/RES.LEDA Expenditure-Mandry Technologies 1.31.22 Resolution No. 2022-R0094 RE 22-03 RESOLUTION APPROVING MANDRY TECHNOLOGIES SOLUTIONS PROJECT THE STATE OF TEXAS COUNTY OF LUBBOCK At a regular meeting of the Board of Directors of LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE, INC., a Texas nonprofit corporation (LEDA), on Wednesday, January 26, 2022, held in conformity with the bylaws, after due notice as therein provided, a quorum being present and acting, the following resolution was unanimously adopted: WHEREAS, LEDA presented to members of the Board the proposal of a possible Economic Development Grant and Contract to Mandry Technologies, Solutions, Inc. The terms and conditions of such Economic Development Grant and Contract, other than the normal terms and conditions applicable to all such Economic Development Grant and Contracts by the Corporation, are described generally as follows, to wit: Grant Mandry Technolgies Solutions, Inc. a potential incentive up to a maximum of $37,500, for job creation at the rate of $2,500 for each Primary Full -Time Job created and maintained in the City of Lubbock, to be paid out over a five-year period, with a capital investment estimated at $30,000. The payments are conditioned upon the creation of Primary Jobs after Recipient's written substantiation of employment and under the following terms and Conditions. Recipient agrees to establish a Baseline Employment Level and Census and shall timely provide such information to LEDA's designated accounting representative when requested. Recipient agrees to maintain the Baseline Employment Level through the terms of this Agreement, and create and maintain the additional full-time Target Job Positions intended to qualify for the incentive, as offered by LEDA. Should Recipient fail to meet its Target Job Positions during a year or years, but ultimately meet its overall Target Job Positions, LEDA, shall at its discretion, have the right to allow recapture of forfeited incentives not to exceed the maximum amount approved by the Board. Should Recipient exceed its Target Job Positions during any year or years, LEDA, shall at its discretion, have the right to allow accelerated job creation incentive payments, not to exceed the maximum amount approved by the Board. WHEREAS, The Board of Directors of LEDA finds that an Economic Development Grant and Contract offering a maximum of $37,500 for job creation incentives at a rate of $2,500 for each Primary Full -Time Job created and maintained in the City of Lubbock. Upon Motion by Director, Mr. Chris Carpenter, and Seconded by director, Ms. SuzAnn Kirby, it was approved, IT WAS RESOLVED that LEDA offer and, if accepted by Recipient, enter into an Economic Grant and Contract with Mandry Technologies Solutions, Inc. This Economic Development Grant and Contract will be on the normal terms and conditions of such Economic Development Grant and Contract offered by LEDA to existing businesses and business prospects and authorize the CEO to enter into and negotiate Performance Agreement. & CEO DAVIS. SECRETARY CONFIDENTIAL & PRIVILEGED BOARD MEMBERS ONLY To: Lubbock Economic Development Alliance - Board of Directors From: Carolyn Rowley, Director of Business Recruitment & Innovation RE: Project Gold - Mandry Technologies Solutions Project Gold Over the past 20 years, Mandry has earned a position as one of the top 100 managed service providers (MSPs) in the world. They manage and protect all aspects of IT including traditional support and monitoring, compliance and security, internet and telecommunications, and custom cloud architecting and migration. Although their services cover all aspects of IT for all industries, they excel in providing cybersecurity services to the healthcare industry through a defined, standardized, compliant process; individual and organizational credentials; and first-hand industry experience. No matter the client or the service, Mandry builds lasting partnerships that help clients understand the role information technology plays in their organization's overall goals, and they make giving back to the communities they live in and serve a top priority. Mandry anticipates hiring 15 new employees over the next three years, with average salary of $60,000 annually. Summary/Recommendation: It is the recommendation of staff to incent Mandry Technologies Solutions $2,500 per job for the 15 new jobs, to be paid out over a 5- year period as the jobs are created.