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Cedar Park approves $2 million incentive package for Texas Materials expansion, tied to jobs and investment commitments
Summary
Council approved a performance-based economic development agreement offering Texas Materials a $2,000,000 cash grant and a 10-year EDC sales-tax rebate in exchange for a lease, a $3,000,000 investment and commitments on employment; the council voted unanimously.
City economic development staff presented a performance-based incentive package for Texas Materials, a Cedar Park–based building-materials company and CRH subsidiary. Arthur Jackson told the council the project would expand the company's facility from approximately 30,000 to 50,000 square feet and serve as a catalyst for the Cedar Park Professional Center.
Jackson described an incentive package consisting of a $2,000,000 cash grant and a 10-year rebate of EDC sales tax generated by Texas Materials during the agreement term, with the opportunity to extend the rebate if the company agrees to a second 10-year lease. "The project would expand the company's facility from approximately 30,000 to 50,000 square feet and create nearly 100 new jobs," he said; company representative Robert Checkley said Texas Materials looks forward to investing and "sharing more information as our plans progress." Council approved the resolution unanimously.
