Cedar Park City Council voted unanimously June 27 to approve a performance-based economic development agreement with the company, Additive Manufacturing Technologies, with incentives totaling $580,850.
“This is a great addition to our corporate base,” city Economic Development Director Ben White said.
AMT is a technology and manufacturing company in the 3D printing industry. The company is leasing 18,085 square feet of space in the Brushy Creek Corporate Center to be used as an innovation center. The company plans to invest $1 million in capital expenditures for its Innovation Center. It also plans to bring 100 jobs to Cedar Park with average wages of $80,000 a year, according to city documents.
AMT's expansion to Cedar Park is anticipated to bring about $1.8 million in sales tax revenue to the city.
In order to receive incentives from the city, the company must lease the 18,085 square feet of space by Oct. 31, 2019, according to city documents. Other requirements include guaranteeing a certain number of jobs each year. Incentive payments are anticipated to roll out between 2019-23.
Funding for the incentives comes from the Cedar Park Economic Development Type A Corp., which is funded by $0.00375 cent of local sales tax.
The Brushy Creek Corporate Center is located near the intersection of Toll 183A and Brushy Creek Road at 1200 BMC Drive, Cedar Park.