Flower Mound Town Council on Feb. 1 approved economic incentives totaling about $155,000 with Communications Test Design Inc.
The company, which serves clients in the communications industry, is expected to pour $5 million into finishing out a new space on Lakeside Parkway, according to town documents. The project would add 158,000 square feet of mostly warehouse space and allow for up to 110 additional employees on site.
“CTDI is the largest private employer in the Town of Flower Mound,” J.P. Walton, the town’s interim economic development director, wrote in a memo to council members. “This incentive effort aids in retaining and further expanding their footprint within the Town.”
The agreement consists of a seven-year, 75% rebate on business personal property in addition to $75,000 in grants.
The town expects to recoup the costs of the agreement in the first year. Town staff estimates the net benefit to the town will exceed $2 million as it collects taxes in future years on the new portions of the property.
The property is located at 1001 Lakeside Parkway, according to Walton’s memo.