Title
Discuss and consider action to adopt a Resolution approving a Pflugerville Community Development Corporation (PCDC) Performance Agreement with LDDF (TESCOM) (Project Gauge).
Summary
PCDC is requesting approval on a Performance Agreement with Project Gauge, a corporation that provides test equipment calibration, repair, and assembly services nationally for telecommunications firms. The company is relocating their current National Headquarters from the Austin ETJ and locations in California to 2200 Algreg, Pflugerville, Texas. The company will hire or relocate 30 full-time equivalent employees and make a capital investment of at least $800,000 during the term of the agreement through December 31, 2020. The agreement provides for a one-time economic incentive in the total amount of $25,000 after the applicant meets all requirements for performance.
Status
The PCDC board met in a regular session on November 17, 2016 and unanimously approved a performance agreement for Project Gauge. In order to fund this additional incentive, a public hearing and budget amendment are scheduled for the PCDC December 19, 2016 regular meeting. Until the public hearing is held, no payments will be made for this incentive.
Prior City Council Action
None
Deadline for City Council Action
None
Projected Future City Council Action
If the Performance Agreement is approved by City Council, a budget amendment will be forwarded for action and approval by the Council at their regular session on January 10, 2017 meeting.
Fiscal Impact
The Performance Agreement will require a PCDC FY2017 budget amendment of $25,000 for a one-time economic incentive for relocation expenses.
Staff Recommendation
PCDC Board and Staff recommend approval
Drafter
Amy Madison
Executive Director