The incentives will provide a total of 40 new full-time jobs in the city, according to city documents.
The performance-based agreements are between the Cedar Park Economic Development (Type A) Corp., Red Horn Brewery and Roastery LLC, and WEXCO.
Red Horn received $80,000, which will be paid back in a little over three years. WEXCO received $122,500, which will be paid back in nearly 7 1/2 years, according to the city. The funds will be recouped through sales tax, property tax and other public revenue streams, according to the city.
Red Horn, which already operates Red Horn Coffee and Brewing Co. at 13010 W. Parmer Lane, Ste. 800, is opening a second location, primarily for beer brewing, at 1615 Scottsdale Drive. The 8,000-square-foot facility will employ an additional 15 full-time employees and provide an additional $800,000 of annual taxable sales, according to city documents.
A construction corporation, WEXCO under the agreement will open at 13625 Ronald Reagan Blvd., Bldg. 2, creating 25 full-time jobs with an average annual salary of $65,000, according to the city.
According to the city, the incentives are funded by Economic Development (Type A) funds that come from 3/8 cent of sales tax collected when people dine and shop in the city limits.
