Title
Consider a resolution authorizing the Mayor to execute an Economic Development Program Agreement with Fisher-Rosemount Systems, Inc.
Body
This agenda item is to request approval by the Round Rock City Council to enter into a Chapter 380 Economic Development Agreement with Fisher-Rosemount Systems, Inc. The Agreement requires Fisher-Rosemount Systems, Inc.to invest a minimum of $9,000,000 on real property improvements as well as in business personal property (FFE) into upgrading and expanding the facility at 1100 W. Louis Henna Blvd and create 50 to 60 primary jobs. In consideration for Fisher-Rosemount Systems, Inc. meeting the obligations of the Agreement, scheduled economic incentive payments (EIP) totaling $500,000.00 will be made in two payments upon Fisher-Rosemount Systems, Inc. having building permit for the improvements and Fisher-Rosemount Systems, Inc. occupying the facility. The Agreement is performance-based and does include claw backs should Fisher-Rosemount Systems, Inc. not fulfill its contractual obligations.