Essentium Inc., a 3D printing and materials manufacturer, is set to relocate or create at least 170 high-skill jobs in Pflugerville by 2024, per terms of the performance agreement approved by Pflugerville City Council.
The Pflugerville Economic Development Corp., or PCDC, voted Sept. 27 to authorize the terms of the agreement and bring Essentium to Pflugerville.
"It provides us with a great portfolio," Amy Madison, executive director of PCDC, told council Tuesday night. "It helps to bring a stronger cluster here of 3D manufacturing."
Per terms of the agreement, Essentium must begin its operations in the city of Pflugerville by the end of Sept. 2019. To achieve this, the manufacturer must lease space for its operations.
Officials did not confirm any specific space that will host Essentium once it relocates, though several industrial park options are currently under development in Pflugerville. By Oct. 2019, Essentium must make $1.5 million in total investments in personal property and capital improvements, per terms of the performance agreement.
Essentium is under mandate to relocate or create 50 positions by the end of Sept. 2020, with continuing terms for the company to establish a total of at least 170 positions by 2024.
At PCDC’s Sept. 27 meeting, Madison commented that the positions at Essentium pay an average of $75,000 per year, with benefits.
PCDC will ultimately compensate the company up to $100,000 for relocation and a maximum of $450,000 in employee grants. Those grants are paid out in installments of $2,500 per job and capped at $250,000 during the first two years of the deal, per the performance agreement.
Madison told council members Tuesday that the positions need to compensate an annual wage of $75,000 or more, plus medical benefits, in order for Essentium to receive PCDC grant funds. Further, the jobs must be created in the outlined year and the grants do not roll over from year to year.
Read the performance agreement in full below.