Economic Development Agreement with Stata Corp

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Economic Development Agreement with Stata Corp

  1. 1. City Council Regular Session August 25, 2014
  2. 2.  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
  3. 3. 39.198 Acres
  4. 4.  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
  5. 5. 30.275 Acres 8.923 Acres
  6. 6.  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
  7. 7.  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

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