A couple of weeks ago, MoneyGram announced it was moving its HQ from Minnesota to Dallas --
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, right? And at the time, City Hall said the move involved "a public incentive package" that the city council had to approve -- oh, like it wouldn't. Anyway. Some Friends wondered how much money MoneyGram was getting.
At the time, no one on Marilla would give us the precise amount of scrilla. But there 'tis on the council's Wednesday agenda in two separate consent agenda items -- a 10-year tax abatement guesstimated to be worth $131,505 and a Chapter 380 economic development grant not to exceed $278,500. Says the agenda re: the reasons for said breaks and the caveats that accompany 'em:
MoneyGram will make a minimum private investment of $750,000 in tenant improvements and $3,300,000 in business personal property, as well as relocate and maintain 150 positions in order to be eligible for the proposed business personal property tax abatement. The economic development grant will be payable upon the substantial completion of a minimum of $750,000 in improvements and the relocation of an initial 65 executive jobs to the site by March 31, 2011. MoneyGram will forfeit the business personal property tax abatement if MoneyGram fails to reach 150 total jobs on site by April 15, 2012.
The proposed agreement will result in a 10-year net fiscal impact of $4,989,152 and a $13,979,543 20-year net fiscal impact.