Title
1.) Executive Session Item: Deliberation regarding Economic Development pursuant to Section 551.087 of the Texas Government Code, economic development projects and promotional activities pursuant to Tex. Loc. Gov’t Code § 505.103 for Project Anchor. 2) Open Session Item: Discuss and consider action regarding Project Anchor.
Summary
This item is included on the agenda to allow for discussion on its topic. The City Council is expected to retire to an executive session to discuss the item regarding economic development negotiations, pursuant to Chapter 551.087 of the Texas Government Code. Project Anchor is an initiative outlined in CEDS 3.0 and continues to support the city’s future growth. Project Anchor is an Economic Development Services Agreement pursuant to Tex. Loc. Gov’t Code § 505.103, which authorizes expenditures for promotional purposes by a Type B economic development corporation. Under the terms of the agreement, the Economic Development Corporation (EDC) will provide up to $1,176,000.00 over three (3) years for economic development and promotional services designed to support business attraction, accelerator and cohort programming, soft-landing opportunities, workforce and educational partnerships, industry engagement, marketing and promotion, and the development of a pipeline of businesses evaluating substantive operations within Pflugerville.
Project Anchor is intended to operate in coordination with Project XPAND by identifying and engaging businesses that may progress from initial engagement with Pflugerville to soft-landing activity, expansion, permanent business operations, or potential occupancy within the XPAND Facility. Project Anchor and Project XPAND are separate projects governed by separate agreements, and Project Anchor does not guarantee or assume responsibility for the performance obligations established under the Project XPAND agreement.
Payments under the Project Anchor agreement are performance-based and contingent upon Q-Br...
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