Pflugerville-based firearm company TrackingPoint resumed operations after a temporary freeze, the company announced Sept. 15.[/caption]
On October 13, Pflugerville City Council approved a settlement agreement between the Pflugerville Community Development Corp. and firearm company TrackingPoint, which resumed operations last month after suspending them during the spring.
Under the new agreement approved Tuesday, TrackingPoint will relocate to a smaller building within the 130 Commerce Center and must refund incentives owed to the PCDC under the previous performance agreement. The company will also have the opportunity to relieve some of its debt to the PCDC as additional jobs are created, according to a PCDC statement.
“TrackingPoint came to us with a company-wide financial restructure and new marketing strategy. PCDC negotiated a fair and equitable lease agreement that provides for incentive reimbursements while allowing TrackingPoint to continue operations for their world-class firearms,” PCDC Interim Executive Director Amy Madison said in a statement. “Throughout this process we have stayed focused on what’s most important in our community—jobs and growing economic opportunities for the city and our taxpayers.”
Madison said the settlement agreement will allow the company to continue to grow while maintaining and increasing jobs for Pflugerville-area residents.
“TrackingPoint applauds the leadership and creativity from our partners at PCDC to work with us during our transition period,” said TrackingPoint CEO Frank Bruno. “TrackingPoint is back on strong financial footing and this agreement allows us to continue doing what we do best—creating innovative shooting systems for law enforcement and the military. This is a new start for TrackingPoint and we are prepared for long-term success.”
The PCDC incentivized TrackingPoint's relocation to Pflugerville in 2013. TrackingPoint is based in the 130 Commerce Center and develops precision-guided firearms that eliminate potential user-created shooting errors.