A diversified holding company and for-profit education company is set to bring more than 100 jobs to Cedar Park.
Cedar Park City Council approved a performance-based economic development agreement with the Fifteen Five Corporation during a Dec. 7 meeting.
Economic Development Director Phil Brewer said Fifteen Five, or 15Five, is a diversified holding company that is involved in real estate, business and management services. He said the company is primarily engaged in the for-profit education market under the name Vandelay Education, and the company operates more than 50 medical and dental assistant training programs around the country.
The Cedar Park Economic Development Corporation would give an incentive package not to exceed $140,170 to the company in five payments. Brewer said the project has a rate of return of 24.6 percent and a payback period of 3.7 years.
Fifteen Five has purchased a 1.3-acre tract on the north side of the 1890 Ranch development on Medical Parkway. The company plans to construct a 20,000-square-foot office building for its headquarters in two phases with a total value of no less than $2.5 million.
The location is expected to employ 107 people with an estimated annual payroll of $5.7 million by 2023. Brewer said the company would also create 13 indirect jobs with an average salary of $55,000 per year.
“The net benefits to the city over the 10 years is $345,475,” he said. “The total net benefits over 10 years to all the taxing jurisdictions—that would be the city, county, school district and [Austin Community College]—would total $947,915.”