On Nov. 21, City Council approved a $1.2 million economic incentive deal with Dana Limited Corp., a supplier of automotive drivetrain, sealing and thermal-management technologies headquartered in Ohio.

At its meeting, City Council also approved a property tax abatement agreement for the company valued at $177,661. Economic Development Manager Larry Holt said the city will refund 100 percent of Dana's property taxes in 2014 and reduce the amount refunded by 20 percent each year through 2018.

According to the agreement, Dana must meet annual performance benchmarks to receive funding. The first financial incentive totaling $509,517 would be awarded during 2014 if the building, located in Scottsdale Crossing Commerce Park, is occupied by March 1. Dana must fulfill at least 90 percent of its annual employment and capital investment requirements to receive about $101,900 each additional year through 2019, according to the agreement. The incentive agreement also includes $5,000 for each Dana employee who buys a home within the city of Cedar Park, with a maximum allowance of $250,000 through 2019.

Place 2 City Councilman Mitch Fuller said the agreement is exactly what Cedar Park looks for in its economic incentives.

"One of the core values of our city is innovation, and innovation is driven by capitalism, people taking a risk and growing their company," Fuller said. "This is another example of how government and the private sector can work together for the betterment of all."