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Cedar Park board approves performance-based agreement for Aon Industrial after CEO presentation
Summary
The board approved a performance-based economic development agreement with Aon Industrial after a presentation by Aon CEO Navit Thomas; staff characterized the proposal as a $1.5 billion grant tied to performance, with commitments to create 135 full-time jobs, roughly $8.5 million in capital investment and at least $200,000 in annual sales‑tax revenue to the EDC.
Arthur introduced Navit Thomas, founder and CEO of Aon Industrial, and framed Aon's proposed investment and job commitments for Cedar Park. Thomas described Aon's work modernizing U.S. tactical weapon systems and said the company vertically integrates production; he told the board the company is expanding rapidly and needs larger facilities. "My name is Navit Thomas. I'm the founder and CEO of Aon," Thomas said during his remarks.
Arthur asked the board to consider a proposed performance-based grant agreement. He described the proposal as a "$1,500,000,000 performance based grant agreement" with Aon Industrial that would be tied to investment and operational milestones; the company committed to lease and occupy a facility in Cedar Park, create 135 full‑time jobs, complete approximately $8,500,000 in capital investment within the city and generate not less than $200,000 in annual sales tax revenue to the EDC. A board member moved to approve the resolution and another seconded; the motion carried after the board voted in favor.
