City of Round Rock - File #: 2022-074

• File #: 2022-074
• Type: Resolution
• Status: Approved
• File created: 2/14/2022
• In control: City Council
• On agenda: 2/24/2022
• Final action: 2/24/2022
• Title: Consider a resolution approving the action of the Round Rock Transportation and Economic Development Corporation (Type B Corp) in approving an Economic Development Incentive Agreement with SDC Austin LLC.

Date	Ver.	Action By	Action	Result
2/24/2022	1	City Council	approve	Pass

Title

Consider a resolution approving the action of the Round Rock Transportation and Economic Development Corporation (Type B Corp) in approving an Economic Development Incentive Agreement with SDC Austin LLC.

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 SDC Austin LLC. The Agreement requires SDC Austin LLC to demolish the existing building on site, invest a minimum of $185,000,000 in Real Property Improvements and $5,000,000 in new equipment and Business Personal Property into two buildings to be constructed on land located at 1300 Louis Henna Blvd in Round Rock and create 20 primary jobs over five years. In consideration for SDC Austin LLC meeting the obligations of the Agreement, scheduled economic incentive payments (EIP) up to $1,000,000.00 will be made in two payments upon SDC Austin LLC completing demolition and occupying the facility. The Agreement is performance-based and does include claw backs should SDC Austin LLC not fulfill its contractual obligations.