The City Council voted 5-2 on Tuesday to approve an asset purchase agreement between the city, the TLCC and the Georgetown Economic Development Corp., also known as GEDCO. Council members Tommy Gonzalez and John Hesser opposed the agreement.
The agreement would transfer TLCC’s name, assets, trademarks and copyrights to the city while the TLCC would retain the right to transition into a nonprofit educational foundation under a different name. The city would make a one-time payment to the center to pay off a balance of about $170,740 on a loan made to the center by the Texas Economic Development Bank in 2014.
Council members agreed Tuesday to allow GEDCO to use up to $140,000 to help pay off the loan balance, with the center paying the remaining balance out of its own funds.
GEDCO’s board will meet Friday to vote on the agreement’s approval.
The proposed agreement would have GEDCO take over the center’s brand for Georgetown’s Economic Development Department to use for marketing and business recruitment purposes, according to the city. Recruitment efforts would focus on companies in the life sciences industry, including those working in health care, medical technology and pharmaceuticals.
The proposal sets a Dec. 31 deadline for the transfer.
Since it was created in 2007, the TLCC has built small-business and workforce development programs centered on life sciences. The center is home to 10 companies that are either TLCC members or affiliate members through Austin Community College. Those companies would not be affected by the transition, according to the agreement.
Georgetown has provided $780,000 to the TLCC over the past decade since the center's creation, according to the city. The TLCC has also received support from the Georgetown Chamber of Commerce, Georgetown ISD and Southwestern University.