Title
Executive Session Item: 1) Deliberations regarding economic development negotiations pursuant to Chapter 551.087 of the Texas Government Code regarding a Performance Agreement by and between Pflugerville Community Development Corporation (PCDC) and P.T. Products and Services, Inc. for the expansion and retention of the company. Open Session Item: 2) Discuss and consider action regarding a Performance Agreement by and between Pflugerville Community Development Corporation and P.T. Products and Services, Inc. for the expansion and retention of the company.
Summary
The agreement was established by the PCDC to assist with the expansion and retention of jobs by P.T. Products and Services in Pflugerville. As a result, the company has agreed to complete the construction of a new headquarters facility within one (1) year of the agreement date and to operate there for at least five (5) years. In consideration of this, the PCDC has agreed to the following provisions:
- Reimbursement for the development costs and moving expenses up to $75,000.
- Pay $1500 per new job created, up to 15, at the new location within three (3) years of receiving a Certificate of Occupancy for the new location.
- Total payments shall not exceed $97,500.
P.T. Products and Services, Inc. is currently located at 20105 Algreg Street in the 685 Commercial Park. The proposed location of the new headquarters is within the same development at the south east corner of Algreg and Sullivan Streets.
Fiscal Impact
There is no fiscal impact to the City of Pflugerville associated with this agreement.
Staff Recommendation
Staff recommends approval. The agreement was approved unanimously by the PCDC on June 14, 2012.
Drafter
Trey Fletcher, AICP
Assistant City Manager