DEPARTMENT: Economic Development
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: 8
SUBJECT:
City Council consideration of a Ch.380 Economic Development Incentive Fund (EDIF) Grant Agreement with Ernst & Young U.S. LLP (EY).
SUMMARY:
Staff is requesting City Council consideration and action on an Ordinance authorizing a performance-based Chapter 380 Economic Development Incentive Fund (EDIF) Grant Agreement with Ernst and Young U.S. LLP (EY) for up to a maximum of $300,000 based on the creation of 300 new, full-time jobs within five years, making $50,000 or more annually.
BACKGROUND INFORMATION:
Founded in 1889 following the merger of Ernst & Whitney and Arthur Young & Co., EY is a multinational professional services firm and one of the "Big Four" accounting firms. The company is headquartered in London, UK with a lead US office in New York City and other offices across the United States, the Middle East, Australia, Europe, and Asia. The company's US operations include over 3,200 partners and principals, and the company provides assurance, tax, auditing, advisory, enterprise risk management, entrepreneurial, and technology and security risk services to public and private companies.
EY currently has a San Antonio presence of 265 employees at its downtown Frost Bank Tower offices, and is ramping up its local presence as part of a new Service Delivery Center operation at the Farinon Business Park. To secure the Service Delivery Center operation in San Antonio, in 2017, City Council approved a tax abatement and an EDIF Grant for the project, and designated the site as a Texas Enterprise Zone Project.
Earlier this year, EY approached the City regarding the potential location of a consolidated operation of the company's Government and Public Sector (GPS) Assurance Practice, which provides government client services and assists federal agencies with modernization and institutional reform goals by addressing efficiency, effectiveness, and ...
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