City of Round Rock - File #: 2022-194

• File #: 2022-194
• Type: Resolution
• Status: Approved
• File created: 5/17/2022
• In control: City Council
• On agenda: 5/26/2022
• Final action: 5/26/2022
• 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 Valex Corporation.

Date	Ver.	Action By	Action	Result
5/26/2022	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 Valex Corporation.

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 Valex Corporation. The Agreement requires Valex Corporation to invest a minimum of $5,000,000 in Real Property Improvements and $7,000,000 in new equipment and Business Personal Property into 60,000 SF of space at 120 East Old Settlers Blvd. at Crystal Park and create 75 primary jobs over five years. In consideration for Valex Corporation meeting the obligations of the Agreement, scheduled economic incentive payments (EIP) up to $225,000.00 will be made in three payments upon Valex Corporation meeting the terms and requirements in the contract. The Agreement is performance-based and does include claw backs should Valex Corporation not fulfill its contractual obligations.