Cedar Park - Far Northwest Austin Edition | December 2023

From the cover

Global companies to bring headquarters, nearly 300 jobs to Cedar Park

Diving in deeper

The big picture

PD Labs President Ray Solano said if the terms outlined in the agreement are not met, the city could take the incentives funding back. However, he said the business will still be able to operate. “It’s not a gift; it [requires] specific perfor- mance,” Solano said. “If you don’t meet the requirements, there are callbacks, and [the city] can take all the money back. It’s in writing—it’s a contract.” For most companies, there is usually a certain time frame in which expectations need to be met, and if not, the contract can also be voided, officials said.

As of Nov. 20, the city has 20 active agreements with a variety of companies, including engineer- ing consultant Hanyang ENG USA Inc., computer game developer Compedia, full-service com- pounding pharmacy PD Labs, and Plug and Play. City officials expect all the active agreements to create a total of 6,209 jobs in Cedar Park. However, job creation is just one of the varying conditions and expectations outlined in each company’s respective agreement with the city. Certain agreements must also adhere to timelines for building completion and annual growth, according to city documents.

In the last four months, Cedar Park has entered into economic performance agreements with a handful of companies, from pharmaceutical manufacturers to game developers. These agreements ensure the city receives economic benefits in exchange for the offered incentives, with the end goal of securing a sound economic environment for Cedar Park, Director of Community Affairs Fran Irwin said in an email to Community Impact . Through these agreements, companies are relocating or headquartering in Cedar Park and in turn bringing jobs to the city. “When we looked at Central Texas, Cedar Park really struck us. [The city] really had the perfect formula for Plug and Play,” Parakkattu said. Since August, Cedar Park has entered into economic performance agreements with four different companies, which will create 298 total jobs.

Examining expectations

PD Labs

Plug and Play

1 Construct an office headquarters in Cedar Park by January 2025 2 Retain the 26 existing full-time employees and take on six additional full-time employees by January 2026

1 Employ at least four full-time employees within the three-year contract agreement

2 Usher in six batches of startup participants over three years

Partnering with Cedar Park

3 Host mentorship and program events at the new Cedar Park facility

3 Add 16 full-time employees by January 2030

Jobs 16

Incentives $105K

Company PD Labs

Investments $4.3M

Compedia

Hanyang ENG USA

228

$855K

Compedia

N/A

1 Occupy their Cedar Park facility no later than December 2023

1 Purchase the new facility in Cedar Park no later than December 2023

Plug and Play Hanyang ENG USA Inc.

4

N/A

$1M

2 Take on 18 full-time employees by April 2025

2 Employ no fewer than 25 full-time employees by December 2024

50

$450K

N/A

3 Have 82 full-time employees by December 2027

3 Have no fewer than 50 total full-time employees by December 2025

SOURCE: CITY OF CEDAR PARK/COMMUNITY IMPACT

4

Have 228 full-time employees by 2033

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