Page101  CITY OF FORT STOCKTON, TEXAS  MINUTES OF: DATE OF MEETING: TIME OF MEETING: PLACE OF MEETING:  SPECIAL CITY COUNCIL MEETING SEPTEMBER 7,2021 3:00 PM  121 WEST SECOND STREET FORT STOCKTON, TX 79735  ROLL CALL WAS ANSWERED BY COUNCIL MEMBERS:  PRESENT: PAM PALILEO, PAUL CASIAS, RUBEN FALCON, DARREN HODGES  CITY MANAGER: CITY SECRETARY: CITY ATTORNEY:  FRANK RODRIGUEZ III MARINA CANTU PUJA BOINPALLY  Mayor. Alexander called the Special Meeting to order at 3:00 p.m. after declaring a quorum present.  Council Member Hodges gave the Invocation. Pledge of Allegiance to the Texas Flag. Mayor Alexander read the Mission Statement:  Mayor Pro-Tem Casias led the Pledge of Allegiance to the United States of America Flag & the  "Thel Mission of the City ofl Fort Stockton Municipal Government is to Promote & Value Public Confidence and Trust by the Accountable and Responsible Use of Community Resources; to Ensure Public Safety; Improve Public Services; Promote Local Recreation and  Entertainment; and Generate Economic Development."  SPECIAL BUSINESS:  1. Discuss/Act upon Possible Action to Accept, Approve, and Execute an Economic Development Agreement with Lancium LLC, under the Provisions of the Texas Tax Code Section 380 et seq. and accept a $1,000.00 payment to the City ofl Fort Stockton to cover Local Administrative Cost associated with processing the Application. Economic Development Corporation Executive Director Remie Ramos introduced Angelos Angelou and Tyler Gaffney with AngelouEconomics and Eric Kutscha of  Lancium LLC.  Director of Research Tyler Gaffney explained their client Lancium proposes to build a 150,000 sq. ft. facility to house a bitcoin data center. The plan is toi invest $800,000,000.00 in the initial phase. There will be ai recurring $200,000,000.00 investment every 4-5 years to    Page102  replenish server equipment. That reinvestment will not cease at the end oft the 20 year period. It will continue to grow. The proposed amount ofjobs are 57. The average pay ist to Council Member Falcon inquired why they were interested in investing in Fort Stockton. Director ofl Research Gaffney explained that the proximity oft the Fort Stockton Electrical EDC Executive Director Ramos presented the proposed 380 Agreement City Council. The agreement holds Lancium responsible for building a minimum of 100,000 sq. ft. facility. They will have to create 57 jobs. The building will be located on 200 acre tract of land that will be annexed into the City of Fort Stockton. Thisi is a 240 month contract that will consist of(2)312 Agreements, each being 10 years. There will be at least 57j jobs created with a base salary of $67,000.00. There is a benefits package that is offered. Fort Stockton will annually receive $277,000.00 for the next 20 years. The City will issue 100% Tax Abatement for years 1-20. Ifthe Client does not build the project as desired there will be penalties for them. There is a local spending covenant, which means they will do their best tos spend locally. The 57 jobs will be created by Lancium, not construction companies. City Attorney Boinpally advised Council that she would like to explain some of the terms of  be $67,000.00 with 20% benefits.  Infrastructure was the main reason for theiri interest ini the area.  the agreement in Executive Session.  Mayor. Alexander recessed from the Special Meeting to convene into the Executive  Session at 3:11 p.m.  EXECUTIVE SESSION:  City Council may Convene in Closed Session in Accordance with Texas Meetings Act, Texas Government Code, Concerning Attorney-Client Matters (Section 551.071); Deliberation regarding Real Property (Section 551.072); Deliberation regarding Prospective Gifts (Section 551.073); Personnel Matters (Section 551.074); Deliberation regarding Security Devices (Section 551.076); and/or Deliberation Regarding Economic  Development Negotiations (Section 551.087):  a. Discuss possible 380 Economic Development Agreement(s) with Lancium LLC. Mayor Alexander closed the Executive Session to Reconvene into the Special Meeting at  3:19 p.m.    Page1103  Reconvene into Open Session Pursuant to Texas Government Code Section 551.1028 &  Take. Action, ifany, on Matters Deliberated in Executive Session:  la. Discuss possible 380 Economic Development Agreement(s) with Lancium LLC. Angeloubconomics Chief Executive Officer. Angelos Angelou explained that AngelouEconomics along with Lancium LLC were looking for a long term partnership with the City of Fort Stockton and Pecos County. This project will continue long after the Tax Abatement. The reinvestment of $200,000,000.00 will occur every 5 years beyond that time frame. This is a great win for the City ofFort Stockton, for Pecos County and for Lancium LLC. This Crypto Data Center will be largest in Texas ifr not the largest in the Country. The groundbreaking will be Wednesday, September 15, 2021 and has the potential to make  National and International News.  Motion was made by Council Member Darren Hodges, seconded by Council Member Pam Palileo, and carried unanimously to Accept, Approve, and Execute an Economic Development Agreement with Lancium LLC, under the Provisions of the' Texas Tax Code Section 380 et seq. and accept the $1,000.00 payment to the City of Fort Stockton too cover Local Administrative Cost associated with processing the Application. Council Member Pam Palileo, Mayor Pro-Tem Paul Casias, Council Member Ruben Falcon,  Council Member Darren Hodges voted aye. There were no questions from the Media.  2. Questions from Media.  3. Adjourn.  Motion was made by Mayor Pro-Tem Paul Casias, seconded by Council Member Pam Palileo, and carried unanimously to adjourn the Special Meeting at 3:23 p.m. Council Member Pam Palileo, Mayor Pro-Tem Paul Casias, Council Member Ruben  Falcon, Council Member Darren Hodges voted aye.  Joe Chris Alexander, E  Mayor  ATTEST:  bhh M.  Marina A. Cantu, City Secretary