The company will create 65 full-time jobs through 2030 with an average salary of $85,000, according to the agreement.
The ethanol hemp extraction facility will specialize in extracting biomass crude oil, distillate and cannabinoid (CBD) isolate. Future plans for the company include expansion into fiber, textiles, building materials and other industrial alternatives, said Ben White, the city economic development director.
White said the CBD and hemp extraction sector is new for Texas and Cedar Park. The project, called Project Colorado, will diversify the agricultural economy of Texas.
“This is groundbreaking for the state of Texas,” White said.
The city will agree to be the guarantor of a lease with Green Street Trust International, which owns the company, for 10 years if the company agrees to lease a facility in Cedar Park, create 65 jobs and other requirements. Owners Jona Williams and Mike Sanchez are Cedar Park High School graduates, White said.
“They’ve been in this sector for many years, and they’re looking to bring home to their hometown a facility that everyone can be proud of,” he said.
The agreement includes a clawback provision that states the city would have ownership of the facility equipment if the agreement falls through. White said this is the same equipment used by breweries and coffee makers.