Title
Discuss and consider action to approve the PCDC President to execute a first amendment between Cumberland Additive and Pflugerville Community Development Corporation to pay the FY24 incentive of $75,000 recognizing $3,532,207 in Capital Investment and minimum of 37 jobs and moving $1,467,793 of the FY24 Capital Investment requirement to FY25.
Summary
Cumberland Additive met $3,532,207 of their $5MM FY24 incentive requirement. In FY24 the company made the decision to purchase a machine shop to help with product finishing to get products to market quicker. Therefore, their equipment regeneration planned for FY24 was moved to FY25. They are requesting payment of the $75,000 FY24 incentive with the understanding the remaining required capital investment of $1,467,793 would be moved and added to the FY25 incentive requirements. Their FY25 incentive obligation currently has no capital investment requirement. This amendment would accept the $3,532,207 capital investment completed in FY24 along with the jobs met of 37 with an average wage of $70,000 and move the $1,467,793 capital investment shortfall to FY25.
Staff Recommendation
Approval
Supporting Documents
Cumberland First Amendment
Drafter
Crystal Connally, Business Retention & Workforce Director