Title
Consider a resolution approving the action of the Round Rock Transportation and Economic Development Corporation (Type B) in approving an Economic Development Incentive Agreement with Toppan Photomasks Round Rock, Inc.
Body
This agenda item is to request approval of the action taken by the Round Rock Transportation and Economic Development Corporation in entering into an Economic Development Incentive Agreement with Toppan Photomasks Round Rock, Inc. The Agreement requires Toppan Photomasks Round Rock, Inc. to invest a minimum of $28,014,550 in Real Property Improvements and $157,481,975 in Business Personal Property at 400 Texas Ave., Round Rock, Texas 78664, and create 50 primary jobs with an average wage of $70,000 through 2029. In consideration for Toppan Photomasks Round Rock, Inc. meeting the obligations of the Agreement, scheduled economic incentive payments (EIP) up to $1,250,000.00 will be made in three payments upon Toppan Photomasks Round Rock, Inc. meeting the terms and requirements in the contract. The Agreement is performance-based and does include provisions for incentive payments not to be made should Toppan Photomasks Round Rock, Inc. not fulfill its contractual obligations.
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