Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves expanded innovation agreement with Plug and Play, adds aerospace vertical
Summary
Cedar Park approved a new agreement with Plug and Play Tech Center that continues an advanced manufacturing accelerator ($500,000) and adds an aerospace & defense vertical for $1,000,000 annually, for total annual incentives of $1.5 million; council approved the resolution unanimously.
The Cedar Park City Council voted unanimously to authorize an updated agreement with Plug and Play Tech Center that extends the city’s innovation-platform partnership and adds a new aerospace and defense vertical. Arthur Jackson, the city’s chief economic development officer, said the updated agreement retains the advanced-manufacturing accelerator at a discounted $500,000 payment and adds a $1,000,000 annual commitment for the aerospace and defense vertical, yielding $1.5 million in annual incentives under the new structure.
Jackson said the aerospace vertical aligns with regional momentum around the Central Texas Spaceport Development Corporation and the city’s existing aerospace activity; council members discussed potential synergies with regional partners and corporate partners identified by Plug and Play. After discussion, a motion to approve the agreement passed unanimously.
