Title
Approving the use of 4B funds for an economic development agreement with Spirit of Texas.
Summary
The Pflugerville Community Development Corporation (PCDC) board approved an economic development agreement with Spirit of Texas in the amount of $30,000 at their April 14, 2011 board meeting. The economic development agreement is to assist in the marketing of a Pflugerville Distilled Rum; Pecan Street Rum. 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 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 distributed in Central Texas. Spirit of Texas will provide PCDC with copies of all marketing materials displaying the name “Pflugerville” in a conspicuous manner; provide accounting records for use of funds and market in Central Texas, meaning the area within 10 miles of the IH 35 Corridor between Georgetown and San Antonio, Texas.
Deadline for City Council Action
There is no deadline for action on the item.
Fiscal Impact
$30,000 in 2011 PCDC Budget.
Staff Recommendation
Approval.
Drafter
Floyd Akers, City Attorney/Interim Director PCDC