Cedar Park City Council voted 6-0 Aug. 22 to authorize a performance-based economic development incentive agreement with ABEO. Mayor Corbin Van Arsdale was absent from the meeting.
Brothers Paul and Mark Crowley, who are both Cedar Park residents, own ABEO, along with John Knaus. ABEO provides software that aids with customer records, e-prescriptions, inventory, machine integration, billing, scheduling and more.
“It’s good that we can move the company into Cedar Park and be part of the growing community here and help grow the city,” Paul Crowley said during the Aug. 22 City Council meeting. “We’re excited to be here.”
The company began around 20 years ago and its software helps doctors’ offices save about $30,000 a year, according to an Aug. 26 press release from the city of Cedar Park. The company provides software under the name Crystal Practice Management, according to the release.
As part of the agreement, the company is relocating its headquarters to a 9,500-square foot building at 12112 Anderson Mill Road, Cedar Park. The company’s capital investment in the city will be more than $2 million—$1.5 million in building and real property and the rest in furniture, fixtures and equipment—according to the release.
In return, the city is paying $51,600 to the company over a five-year term, according to city documents. The project has a rate of return of 94.7%, and its payback period is 0.9 years.
Funding for the incentives comes from the Cedar Park Economic Development Type A Corp., which works to attract new businesses to the city through economic development agreements. It is funded by three-fourths of a cent of local sales tax from shopping and dining in Cedar Park city limits.