Title
Consider public testimony regarding and an ordinance creating a reinvestment zone for a 5.293 acre tract of the land known as Oakmont Centre Sec 5, Block B, Lot 1 and owned by Fog Break, Ltd. (First Reading)*
Body
Cities are authorized to establish reinvestment zones pursuant to Texas Tax Code Section 312.201. The purpose of the reinvestment zone is to establish a boundary for an area which will receive a tab abatement. A reinvestment zone must be established prior to the City Council's action on a tax abatement agreement.
This proposed reinvestment zone is regarding the relocation and expansion of an existing pharmaceutical facility. Insys Therapeutics, Inc. is a commercial-stage specialty pharmaceutical company whose corporate office is located in Chandler, Arizona. They develop and commercialize innovative supportive care products for cancer and cancer therapy. Their Round Rock facility is currently located at 801 Paloma Drive and they are moving to a larger facility located at 2700 Oakmont Drive. They will be investing over $10 million into the project and creating over 30 jobs. The new facility contains 52,000 square feet located on one five acre parcel, as depicted on the attached map.
Recommended Action
Staff reccomends approval.