Check out the latest updates from Round Rock City Council's Oct. 22 meeting.
Council approved an updated agreement to provide Penfold Theatre with $324,024 in funding over the course of the next three years, Sara Bustilloz, communications and marketing director for the city, said.
Bustilloz said the amount is similar to what the theater received over the past 18 months, and will decrease over time.
She said the goal is to reassess in three years and discontinue the subsidy.
City officials approved a performance-based incentive agreement for PulseForge, a manufacturer of specialized tools for semiconductor chip packaging.
The incentive agreement requires PulseForge to make $20 million in total capital investments. The agreement would divide the investment into $6 million to expand the existing facility and $14 million to acquire business personal property, such as additional machinery. The investment total would be subject to local property taxes.
PulseForge would also be required to add 60 new positions under the agreement.
In exchange for its investment, PulseForge will receive $600,000 in total, paid in two installments. The first installment of $250,000 would be issued in 2030, contingent upon the company investing $10 million and adding 20 new jobs. The second installment of $350,000 would be paid in 2032, contingent on the business adding the remaining 40 jobs and reaching a total investment of $20 million.
City documents say the incentive will be paid using Type B funding, which is generated by sales taxes.
