July Board Meeting Documents

DEVELOPER:

H & M MECHANICAL CONSTRUCTORS, INC.,
a Texas corporation,

By: _______________________________
Larry Hogan

Title:
Date Signed:

STATE OF TEXAS §
COUNTY OF §
§

This instrument was acknowledged before me on the day of June, 2019, by Larry

Hogan, of H & M Mechanical Constructors, Inc., a Texas

corporation, on behalf of said Texas corporation.

Notary Public, State of Texas

Page 11 of 12

Performance Agreement
Pasadena Economic Development Corporation – H & M Mechanical Constructors, Inc.

7/18/2019 8:48:55 AM

Exhibit A

[Legal Description and/or Depiction of Property]

approximately 18.418-acre tract or tracts of land in the F. Reynolds
Survey, Abstract No. 643, City of Pasadena, Harris County, Texas,
and consisting of Tract 18 & 56B, Iowa Gardens addition, an
addition to the City of Pasadena, Harris County, Texas

Page 12 of 12

Performance Agreement
Pasadena Economic Development Corporation – H & M Mechanical Constructors, Inc.

7/18/2019 8:48:55 AM

7/16/2019 Report | H+M Industrial EPC | Impact DashBoard

IMPACT REPORT JOBS

H+M INDUSTRIAL EPC 144.9 Total

H+M Industrial EPC 78.0 Direct
66.9 Spin-off

City of Pasadena

BENEFITS COSTS NET BENEFITS SALARIES
$2,556,111 ($315,790) $2,240,320
$70,384 Avg
$300.0k
$250.0k $90,000 Direct
$200.0k $47,524 Spin-off
$150.0k
$100.0k CAPITAL INVEST.

$50.0k $8,474,600
$0.0
Buildings + FF&E

1 2 3 4 5 6 7 8 9 10 RESIDENTIAL DEV.

1.1 Homes
7.5 Relocations

NET BENEFITS $2,240,320 INCENTIVE ANALYSIS

Present Value $1,687,663 $300,000 $3,846

BENEFITS $1,773,409 Total Incentive Per Job
$381,758
Sales Taxes $63,442 74.7% 1.8 Yrs
Real Property Taxes $4,380
FF&E Property Taxes $6,228 Rate of Return Payback Period
Inventory Property Taxes $24,096
New Residential Property Taxes $213,443 $2.2m
Building Permits and Fees $37,319
Utility Revenue $52,036
Utility Franchise Fees
Miscellaneous Taxes and User Fees $2,556,111
Benefits Subtotal
($107,583) 1.8 Cumulative Net Benefits
COSTS ($208,207)
($315,790) Incentive
Cost of Government Services
Cost of Utility Services
Costs Subtotal

CITY NET BENEFITS OVER 10 YEARS
$2,240,320

COUNTY $288,258
SCHOOL DISTRICT $237,187

OTHER $323,343

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