Title
Consider a resolution approving the FY 2016-2017 Economic Incentive Payments (EIP) for the Round Rock Transportation and Economic Development Corporation.
Body
The Round Rock Transportation and Economic Development Corporation budget is funded from a 1/2% sales tax established for the purposes of providing transportation improvements and economic development activities. Per the City’s Financial Policies, revenues are allocated 90% to transportation needs and 10% to economic development purposes. One of the primary purposes of these funds is to make economic incentive payments to businesses locating in Round Rock.
This is a new process for Type B. It is proposed to be consistent with the TCIP update process and in compliance with the Type B By-laws and state statutes.
The Round Rock City Council has already approved each of these agreements individually; the purpose of this resolution is for the Type B Board to ratify the use of these funds for these specific purposes.
Total Current EIP commitments are as follows:
|
Company |
Total Committed |
|
Insys Therapeutics |
$ 30,000 |
|
Houghton Mifflin Harcourt Publishing |
350,000 |
|
Odyssey Technical Solutions, LLC |
110,000 |
|
ProPortion Foods, LLC |
400,000 |
|
Airco Mechanical |
190,000 |
|
UPS |
500,000 |
|
Total Committed |
$1,580,000 |
Recommended Action
Staff recommends approval.