Overview
The company requested a new sales tax abatement agreement over a 10-year period for it to maintain its headquarters within the city. Per the agreement, half of the city’s annual sales tax revenue from Lauren Concrete will be remitted in part by the city and by the Pflugerville Community Development Corporation.
The company generates about $1 million in sales tax revenue to the city and $500,000 to PCDC, according to city documents.
The agreement, along with a deal between PCDC and Lauren Concrete that was also approved by council, will equate to an approximately $500,000 reimbursement to the company. In exchange, the company will maintain its headquarters in Pflugerville, retain a minimum of 12 full-time employees, add a minimum of five new employees, maintain a minimum average salary of $86,000 and generate $700,000 or more in sales tax annually.
The background
The action stems from an agreement between the city, PCDC and the concrete supplier in 2014. At the time, the city and PCDC agreed to provide incentives for Lauren Concrete to relocate its headquarters to Pflugerville. PCDC provided a one-time reimbursement of $300,000 for property acquisition while the city granted the supplier 50% of its 1% sales taxes for 10 years.
The company, which provides ready-mix concrete throughout the Austin metro, was founded in 1986. It has locations throughout the metro, including in Austin, Manor, Liberty Hill, Georgetown, Taylor and beyond.
