Cedar Park City Council unanimously approved an economic development performance agreement with the company May 27. Per the agreement, the company must lease a Cedar Park facility with an investment of at least $225,000. The company will also create 35 jobs in Cedar Park with an $80,000 average salary.
The city’s part in the agreement totals $129,680, including a tenant improvement finish out, a one-year membership to the chamber of commerce and $2,500 employee relocation bonuses to the first 25 full-time employees who buy a Cedar Park home.
City Economic Development Director Ben White said the company chose to expand to Cedar Park from Santa Ana, California. White said 240 Tech is the type of company city leaders want to be involved in the community. The city-provided chamber of commerce membership is a way for 240 Tech to become involved in Cedar Park, especially as an out-of-state company, White said.
“We don't just go after anybody, and we don't just incentivize anybody," White said. "When we bring a project forward, we believe they're going to be good partners and good corporate citizens in our community."
The company develops Ovaljet, a direct-to-garment printer that makes over 300 full-color digital prints per hour on dark garments, according to the city. These products will be manufactured outside the new research and development headquarters facility.
The new headquarters will be located in the La Jaita Business Park located on Arrow Point Drive.
