Title
Discuss and consider action regarding a Pflugerville Community Development Corporation (PCDC) performance agreement with Spirit of Texas.
Summary
The Pflugerville Community Development Corporation (PCDC) board approved a second performance agreement with Spirit of Texas in the amount of $30,000. This agreement will assist in the marketing of their expanding line of products. Through this retention and expansion effort, PCDC has determined that the marketing of Pecan Street Rum will provide significant economic benefits and will further economic development in the City while supporting a growing Pflugerville company and local entrepreneurs. The terms of the agreement state that, by July 1, 2012, Spirit of Texas will use the funds to commence a marketing campaign to promote Pflugerville and Pecan Street Rum by conspicuously displaying the name "Pflugerville" on the label of each bottle of Pecan Street Rum distilled in Central Texas. Spirit of Texas will provide PCDC with copies of all marketing materials displaying the name "Pflugerville" in a conspicuous manner; and, provide accounting records for funds used for marketing and promotion no later than December 1, 2012.
Status
For the agreement to be effective, the City Council must also approve it.
Prior City Council Action
In May 2011 a similar Performance Agreement was approved for $30,000 of 4B funds for the same purpose.
Fiscal Impact
There is no fiscal impact to the City of Pflugerville as a result of this agreement.
Staff Recommendation
The Pflugerville Community Development Corporation (PCDC) board approved the Performance Agreement on April 26, 2012.
Drafter
Trey Fletcher
Assistant City Manager