The overview
The Cedar Park City Council approved an economic development agreement with the technology manufacturer Dec. 18, promising up to $400,000 in incentive payments and rebate of all or some of the sales tax generated by a facility located in the city limits through 2030.
In exchange, Creative 3D Technologies will:
- Lease an 18,000 square foot facility at 1200 BMC Drive, Cedar Park, no later than Dec. 31, 2026
- Make no less than $810,000 in capital investment into the facility over a period of three years
- Create a minimum of 45 high-skill jobs at the Cedar Park facility
Per the agreement, employees of the company will be provided a $10,000 relocation bonus for each residence or residential lot purchased, up to $500,000.
These stipulations are geared toward creating jobs in the area, encouraging local capital investment and increasing sales tax revenue, per the city.
After 2030, the city will no longer remit the sales tax generated by Creative 3D Technologies.
In Cedar Park, sales tax revenue is used to fund capital improvement projects, such as parks, walking trails and sports facilities.
About the business
The agreement states Creative 3D Technologies manufactures "factory-in-a-box" products combining hardware, software, robotics and automated quality controls in one platform, such as 3D printers.
