DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: Council District 8
SUBJECT:
City Council consideration of a Tax Abatement Agreement with Hulu, LLC (d/b/a Hulu) and Shorecliffs Investments, LLC (Owner), and nomination of Hulu as a Texas Enterprise Zone Project.
SUMMARY:
Staff is requesting City Council action on the following items related to the Hulu, LLC (d/b/a/ Hulu) project: (A) an Ordinance approving a 6-year, 100% Tax Abatement Agreement on a capital investment of at least $12.92 million in real and personal property improvements at the site, and the creation of 500 new full-time jobs over three years; (B) a resolution nominating Hulu for designation as a Texas Enterprise Zone Project.
BACKGROUND INFORMATION:
The Hulu project falls in line with several of the key long-term economic goals laid out in the City's SA Tomorrow Comprehensive Plan and Forefront SA, the community's economic development strategic plan led by the San Antonio Economic Development Foundation, including the attraction of corporate and regional headquarters, and support for the continued growth of the City's Targeted Industries. Additionally, the project presents an opportunity to secure the presence of an innovative, rapidly growing, and globally recognized technology company in San Antonio.
Founded in 2007 and headquartered in Santa Monica, California, Hulu is a privately-held video streaming service with 12 million subscribers and 1,600 employees including offices in New York, Chicago, Seattle and Beijing.
Experienced technology executives comprise the company's leadership team, including Chief Executive Officer Mike Hopkins, who previously served as President of Distribution at Fox Networks, Chief Financial Officer Elaine Paul, a former vice president at the Walt Disney Company, and Chief Technology Officer Tian Lim, who served as senior vice president at Sony Network Entertainment before joining Hulu.
As the company ...
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