Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Cedar Park board authorizes three-year agreement with Plug and Play, approves $1.5 million annual incentive
Summary
The board approved a three-year, performance-based agreement with Plug and Play LLC that continues a $500,000 annual accelerator payment and adds a new aerospace-and-defense vertical with a $1,000,000 payment, described in the meeting as yielding $1,500,000 in annual incentives.
The Economic Development Sales Tax Corporation of Cedar Park voted to authorize a three-year, performance-based agreement with Plug and Play LLC that the staff said will expand the city’s innovation programming and provide annual incentives to the accelerator.
Arthur, the department presenter, described the agreement and the partnership’s local impact. He said Plug and Play’s physical presence in Cedar Park "has driven new technology adoption and innovation across our city and region" and noted the program will continue the advanced manufacturing accelerator "at an annual payment of $500,000 a year" while adding an aerospace-and-defense vertical that "will yield an annual payment to Plug and Play of 1,000,000 for a total of a 1,500,000 annual incentive." The board discussion confirmed the agreement term is three years and that payments are allocated across the program components as detailed in staff materials.
Board members asked how the multi-year commitment is paid; Arthur explained the agreement is three years and described an initial $1,000,000 payment to bring on the aerospace-and-defense vertical followed by two $250,000 payments to continue the advanced manufacturing vertical. The staff presentation emphasized the continuation of mentorship, workshops and connections to corporate partners as part of the deliverables.
Arthur also said the agreement includes language to avoid prohibiting continued work with Texas A&M but prevents Plug and Play from "establish[ing] another ... aerospace and defense vertical program within the state of Texas for the duration of this agreement," which staff said is intended to make Cedar Park the hub for that vertical. Following questions, a board member moved to authorize staff to extend the agreement and the board voted to approve the measure.
