Title
Approving an economic development agreement between the Pflugerville Community Development Corporation and Lauren Concrete Inc., and authorizing the board president to execute the same.
Summary
Project Anchor is an economic development project in Pflugerville, undertaken by Lauren Concrete. It is notable for its anticipated generation of significant sales tax revenue.
In 2014, the Pflugerville Community Development Corporation (PCDC) entered into a Performance Agreement with Lauren Concrete, Inc., which included provisions for providing a cash grant of $300,000.00, which was provided once they were located in our community. Concurrently, the city entered into a 10-year agreement with the company.
City Management and the Executive Director of PCDC discussed how the subsequent 10-year agreement could incorporate PCDC into the new agreement. PCDC Board of Directors unanimously approved an agreement that will run concurrently with the City’s agreement, which has a split rebate payment schedule. This collaboration aims to equitably distribute the economic benefits of the project between the City and PCDC.
Prior City Council Action
City Council approved a Chapter 380 economic development agreement with Lauren Concrete on June 10, 2014.
Deadline for City Council Action
Action is requested August 26, 2025.
Supporting documents attached:
PCDC and Lauren Concrete Economic Development Agreement 2025
Lauren Concrete Performance Agreement with PCDC 2014
Recommended Action
Approve the economic development agreement between PCDC and Lauren Concrete.