DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: 10
SUBJECT:
An E-16 Rider Program Agreement with Skyonic Corporation and recommendation of Skyonic Corporation's (Skyonic) Capitol SkyMine project for participation in CPS Energy's E-16 Economic Development Incentive Rate Rider Program.
SUMMARY:
Staff is requesting City Council action on an Ordinance approving an E-16 Rider Program Agreement with Skyonic Corporation and recommending the Capitol SkyMine project for participation in CPS Energy's E-16 Economic Development Incentive Rate Rider Program (E-16 Rider), to provide energy cost savings for Skyonic. Skyonic qualifies for the recommendation to participate in the E-16 Rider because the Capitol SkyMine project will add 10 Megawatts or more of new energy demand, and is committing to: (1) create 35 new high-wage full-time jobs; (2) make a capital investment of at least $100,000,000; (3) guarantee a percentage of local business contracting for operational costs; and (4) enter into a workforce training agreement with Alamo Colleges. The recommendation for participation in CPS Energy's E-16 Economic Development Incentive Rate Rider Program assists with cost competitiveness of an innovative green technology project that will aid San Antonio in meeting federal emissions standards for air quality.
BACKGROUND INFORMATION:
Skyonic was founded in 2005 by inventor and CEO Joe Jones, and is headquartered in Austin, Texas. Skyonic is a privately held corporation, which utilizes SkyMine and SkyCycle technologies designed to extract and mineralize carbon dioxide from industrial gases into products such as baking soda, hydrochloric acid and limestone, on a commercial scale. These products are then sold to other companies for industrial uses. This process helps mitigate the effects of industrial pollution while deriving value from the sale of products.
In partnership with Zachry Corpor...
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