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Cedar Park approves $650,000 performance grant to secure Innovus manufacturing center
Summary
The Economic Development Sales Tax Corporation of Cedar Park approved a $650,000 performance-based grant to Innovus Corporation, which has committed to lease about 100,000 square feet at New Hope, hire 162 full-time employees and invest about $25.5 million in the city.
The Economic Development Sales Tax Corporation of Cedar Park voted to approve a $650,000 performance-based economic development agreement with Innovus Corporation, authorizing incentives tied to the company's commitment to lease space, hire workers and undertake a multimillion-dollar investment in the city.
The agreement was presented by city economic development staff, who described Innovus as a global medical-technology company pursuing a location in Building 3 at the New Hope development, a phase-one parcel of a 26-acre, Class A flex project off U.S. 183A and Scottsdale. The company has committed to lease about 100,000 square feet, hire 162 full-time employees and complete an estimated $25.5 million investment in Cedar Park,…
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