Government
WilCo seals deal with auto parts supplier Williamson County commissioners approved a Chapter 312 agreement, or tax abatement, March 19 with South Korean automotive parts supplier Hanwha Advanced Materials America LLC. The overview The automotive parts supplier will be building a 200,000-square-foot manufactur- ing facility on 38 acres of land just north of Georgetown on I-35. The county is expecting an estimated $100 million capital invest- ment from Hanwha, which includes taxes from the property and building, as well as the interior assets. The tax abatement agreement covers 70% of the taxable value of tangible personal property on the company’s premises, including equipment, for 10 years.
Hyliion incentives deal changes following layoffs The city of Cedar Park has revised its million-dollar incentives deal with Hyliion Hold- ings Corp. after the energy technology company underwent mass layoffs in November. The rundown Hyliion, headquartered in Cedar Park, announced it would lay off 67% of its workforce Nov. 8, halt production of electric semitruck engines and transition to electric generators. The move left only 60 local employees, bringing the company out of compliance with Cedar Park’s 2018 incentives deal, which included the promise to create over 200 local jobs. On March 7, City Council unanimously approved a plan that will require Hyliion to immediately pay $745,000 back to the city of the $1.15 million it received prior to the layoffs. The amended incentives deal will allow them
The specifics Under the revised incentives deal, the following commitments are expected from Hyliion by 2029: 60 new local jobs
Average salary of $90,000 for local jobs
$80 million in capital investment at the Cedar Park site
SOURCE: CITY OF CEDAR PARK/COMMUNITY IMPACT
to receive up to $1.1 million based on new job creation and capital investment targets over the next six years. Quote of note “It’s not easy to be a pioneer, to be on the cut- ting edge of innovation. Sometimes that requires a pivot, and I think that requires us to be adaptable in supporting those businesses that are looking to do exciting things here in Cedar Park,” said Petri Darby, a board member of the city’s Economic Development Corporation, at a Feb. 26 meeting.
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