More and mroe, companies are choosing Williamson County as the home of thier new, or expanding business. On Thursday night, the Cedar Park City Council took another step toward addressing its growth through the approval of an economic incentive agreement with UK-based Additiva Manufacturing Technologies, or AMT.
The move will add 100 new jobs with average wages of $80,000 a year, along with a projected $1.844-million in sales tax revenue for Cedar Park. AMT plans to invest $1-million in capital expenditures for a new Cedar Park Innovation Center.
AMT is expanding its business operations and customer support into the North American market.
“AMT is creating jobs of tomorrow,” Cedar Park Economic Development Director Ben White said. “They are providing a service that takes manufacturing to a new level.”
The Cedar Park Economic Development Corporation is investing $580,850. The performance-based agreement includes a tenant improvement reimbursement and an equipment relocation incentive. AMT also guarantees a certain number of jobs each year in order to receive annual installments over five years. The 18,085 square foot facility will be located at 1200 BMC Drive and must be leased by the end of October 2019.
In addition to sales tax and property tax revenue growth from AMT’s move to Cedar Park, the economic benefit to Cedar Park is a 34.8-percent rate of return with a payback period of 3.1 years.
