(CD 9) Authorize Execution of an Economic Development Program Agreement with Weir Minerals U.S. Inc., or an Affiliate, to Provide a Grant in a Total Amount Not to Exceed $185,000.00 for Retention and Expansion of its Divisional Headquarters in the City of Fort Worth and Associated Commitments

Summary

The City Council is asked to authorize an Economic Development Program Agreement with Weir Minerals U.S. Inc. (or an affiliate) for a grant of up to $185,000.00. This grant is intended to support the retention and expansion of the company's divisional headquarters located at 777 Main Street in downtown Fort Worth. The agreement is authorized under Chapter 380 of the Texas Local Government Code.

Company Commitments:

• Lease at least 15,000 sq ft of office space by March 31, 2026, with an 8-year term.
• Provide a minimum of 67 full-time jobs with an average annual salary of $160,000 by December 31, 2026, and maintain them for three years.
• Invest at least $3.4 million in tenant improvements.
• Expend a minimum of 30% of tenant improvement costs with small businesses.
• Make good faith efforts to ensure visitors stay in Fort Worth lodging.

City Commitments:

• Provide a one-time grant of up to $185,000 after the first operating year, contingent on verified company commitments.
• The agreement includes clawback provisions to recover funds if commitments are not met.

This item is located in Council District 9. The Director of Finance certifies no material effect on the FY2026 Budget, with impacts to be budgeted in future years.

Citizen Impact

This agreement aims to retain and expand a divisional headquarters, potentially creating 67 jobs with a high average salary and encouraging local spending on tenant improvements and lodging. Residents may benefit from increased economic activity and job opportunities downtown.

Confidence

high