Economic Development Agreement:College Station & StataCorp LP
City CouncilRegular SessionAugust 25, 2014
Produces a leading statistical software package; Stata◦ Develops, distributes, and supports; Headquartered in College Station
Publishes books, manuals, and the Stata Journal◦ Stata Press, a division of StataCorp LP
Business Center at College Station; $4,877,740 valuation
104 FTEs with an annual payroll of $8,087,940
Business Retention and Expansion Prospect◦ Limited Growth Opportunity and Trailing Spouse◦ Own Internal Campus with Employee Amenities
Background
39.198 Acres
39.198 Acres−Replat; 30.275 acres & 8.923 acres
8.923 Acres− Independent third-party appraisal: $1,090,000−Posted on Brazos Valley Online Bidding System (BrazosBid)
StataCorp LP−Highest and only bidder
December 12, 2013−City Council approved a real estate contract with StataCorp LP−Purchase Price: $1,090,000
210 Technology Way
30.275 Acres
8.923 Acres
City’s Incentives−Right-of-Way Abandonment− Staff will recommend to City Council at a later date−Contingent upon receipt of a building permit within five years
−Dedication of 30 acres as parkland− Staff will recommend to City Council at a later date−Contingent upon receipt of a Certificate of Occupancy within seven years− Serve as linear park; with multi-use paths (per Comprehensive Plan)
−Permitting−Waive $700 ROW Abandonment Application−Development Fast Tracking
Economic Development Agreement
StataCorp’s Obligations−$3 Million Capital Investment in the Business Center−Campus-like Business Facility−Amenities conducive to use as a common area for employees
−New Job Creation / Increased Annual Payroll−15 FTE’s / $1 Million
Clawback Provisions−Reimburse ROW Abandonment Application fee of $700, and/or
−Reimburse $2.80 PSF of ROW abandoned
Economic Development Agreement
Questions/Direction/Action