Cortec Precision Sheetmetal Inc. broke ground on an approximately 120,000-square-foot building inside the 130 Commerce Center in Pflugerville, April 14.
Cortec expects to invest about $20 million in the building and finish construction in fall 2017, at which point it will move its 120 Central Texas employees to the facility and expand its workforce, said Richard Corrales, general manager of Cortec Precision in Texas.
Corrales said he started talking to the Pflugerville Community Development Corp. officials about purchasing property in the commerce center two years ago. The PCDC sold the land at a reduced cost and offered up to $228,000 in incentives. PCDC officials said in a statement the PCDC secured more than $500,000 in net profit from selling the land.
“I wanted to come to Pflugerville,” Corrales said. “I live in Pflugerville, and I want to support Pflugerville.”
Cortec Precision makes sheet metal for a variety of industrial uses. The company is based in San Jose, California. Its Central Texas facility is currently located at 1602 N. A.W. Grimes Blvd., Round Rock.
Why is PCDC spending Pflugerville taxpayer money to give a sheet metal manufacture $228,000 in incentives to locate to Pflugerville? We don’t need any new businesses competing for our limited supply of workers. Have you seen how many “Help Wanted” signs are around town? Adding a whole bunch of new job openings will only raise payroll costs for many other established businesses in town, and ultimately raise prices for customers. PCDC needs to sit down and completely redefine their mission. PCDC, please don’t do any more harm to this town by making any more deals like this, as we already have way more growth than we can handle!
Some years ago city council approved a $100K grant to start building electric cars here to be sold internationally, in what was then termed to be our new high tech “alternative energy business park”. The business never really took root here, and has since relocated. Now city officials are giving incentives to a sheet metal manufacture? When does all this madness stop?
http://cdn.pfdevelopment.com/wp-content/uploads/2014/03/Community-Cars-PR-FINAL-AUG2_2011.pdf
http://www.bizjournals.com/austin/blog/at-the-watercooler/2013/04/pflugerville-electric-car-maker.html
http://www.kenguru.com/company/
Please have PCDC explain how they made a profit on this transaction using generally accepted accounting principles. Does that “profit” include the expenses they incurred in Vegas trying to sell it? Also, how much more of that property in their commerce center do they have to sell to break even on their original investment?
I am also curious about answers to these questions.
Well, at least it is not another car wash. Praise the Lord!
02/18/16 . . . O’Reilly Auto Parts 1008 E. Pecan St. . . . Under Review
Looks like I spoke too soon. If it’s not a new carwash going up that looks like a carnival ride, it’s another Auto Store. Always room in Pflugerville for any and all auto related businesses. We need one on every block. That’s what makes a good city.
If they really made a big profit from this deal, I would appreciate it if they would spend the money fixing the roads around here. This morning they were out patching some holes after the recent rains, but that’s not good enough. The terrible roads around here have caused me to spend a lot on suspension repairs to my car. On some streets it’s like driving in Baja Mexico. Little cars can’t handle that.
PCDC finally claims to have made a profit on one of their projects? Did they actually cash the check yet, or is this just more of the same groundless hype that has been coming out of PCDC for years?
Pf government shouldn’t be bragging about this. Handing out incentives to open up a new sheet metal manufacture? You gotta be kidding. What we need is a hospital, better roads, bus service, sidewalks on 685, etc. The overall goal should be to provide citizens with enough quality services that we have no need to go elsewhere!
A local community college branch would be nice too, so I don’t have to pay expensive out of district rates.
We should all be happy about this. Finally the city is getting rid of some of that useless land they bought years ago.