Title
Discuss and consider action to approve a Pflugerville Community Development Corporation (PCDC) Performance Agreement with MTech.
Summary
This item has been included on the agenda to allow for discussion and potential action on the proposed PCDC Performance Agreement with MTech, formerly referred by as Project Tech by PCDC. The attached agreement stipulates that within 18 months, MTech shall complete the construction of its regional headquarters facility and operate it for at least five years in Pflugerville. Further, MTech agrees to employ approximately 178 employees having an average salary of $40,000 per year plus medical benefits for a cumulative average annual payroll of $7.12M. PCDC will pay MTech $2,000 per job up to 178 jobs that have an average salary of $40,000 per year plus medical benefits. Total payments under this agreement shall not exceed $356,000. An economic impact study regarding this project is attached.
Status
The Pflugerville Community Development Corporation (PCDC) approved the agreement at their meeting on Thursday, May 30, 2013. Ratification by the City Council is required. A pre-application meeting was held on May 14, 2013 with Development Services Center staff. A site plan for the proposed use was filed with the City on May 31, 2013. Plan approvals are anticipated by the end of June. The proposed site is 1720 Royston Lane.
Deadline for City Council Action
Action is being requested on June 11th.
Fiscal Impact
This economic development incentive is funded by the 4B sales and use tax. There is no fiscal impact to the City associated with the approval of this item.
Staff Recommendation
Staff recommends approval.
Drafter
Trey Fletcher
Assistant City Manager