Title
Discuss and consider action to authorize the PCDC President to sign a First Amendment to the Economic Development Performance Agreement with MDC Vacuum (Precision) extending deadlines for performance and incentive payment obligations by one year.
Summary
The PCDC Board reviews any company requests for amendments to their Economic Development Performance Agreements. MDC Vacuum has requested a push forward of their FY24 incentive requirements due to a slow in the semi conductor industry and an over abundance of supply. They are very pleased with the Pflugerville facility and plan to implement all capital investment initially in the EDPA for FY24, in FY25. Their job numbers remain at last years (FY23) level requirement of 40. This amendment will not increase or decrease overall funding set in the EDPA.
Prior Action: The PCDC Board and City Council approved an Economic Development Performance Agreement with MDC Vacuum (Precision) in March of 2021.
Budgeted Item: N/A____Yes _X_ No__
Legal Review Required: N/A __ Required _X_ Date Completed: October 08, 2024
Staff Recommendation
Approval
Supporting Documents
MDC Vacuum (Precision) First Amendment
Drafter
Crystal Connally, Business Retention & Workforce Director