The Georgetown Economic Development Corp. board of directors approved a modification Dec. 16 to its performance agreement with Molecular Templates Inc.

"At our [November] meeting, GEDCO took action on approving a $69,000 grant," Georgetown Economic Development Director Mark Thomas said. "There has been a change. The company didn't understand that [the performance agreement] meant [creating full-time] jobs in Georgetown, not systemwide."

Molecular Templates has 10 full-time employees as well as contract and temporary workers throughout the year at locations in Georgetown and elsewhere, Thomas said. The total number of company employees changes throughout the year, and the company wanted to make sure it complied with the agreement presented to it, Thomas said.

"They still need the $69,000 grant. What's changed is the value per job," Thomas said.

In the amended agreement, Molecular Templates must maintain 10 full-time jobs in Georgetown throughout 2014. The original agreement required the company to increase the number of full-time jobs to 23 by the end of 2014.

The agreement also provides for reduced rent and removal of wet lab usage charges, Thomas said.

"[Molecular Templates] has 10 full-time workers in Georgetown and will maintain those jobs for a year." Thomas said. "The ultimate effect of the grant funds will be to effectively lower the lease rate."

Wet lab use fees for other groups within the Texas Life-sciences Collaboration Center will also be considered in the future, Thomas said. Molecular Templates is housed in the TLCC, which is located at 111 W. Cooperative Way, Ste. 200, off Austin Avenue.

Molecular Templates is a biopharmaceutical company focused on the discovery and development of a new class of biologic therapies, according its website.

Thomas said the company was considering moving to a space in Austin that offered lower fees for wet lab use.

"Now these companies are becoming known," Thomas said. "[Molecular Templates] has become valuable enough to be recruited out of the community."