Council approves three agreements for investment, job creation
The Round Rock City Council approved three agreements Sept. 26 to encourage more than $11 million in capital investment and grow employment in the city.
An agreement with Phlur Inc., which operates Texas Beauty Labs, will result in a minimum of a $2.65 million investment and the creation of 35 jobs over five years. Texas Beauty Labs will expand to 44,386 square feet and house its R&D labs, manufacturing facility, warehouse and corporate offices in Round Rock.
In return for Phlur meeting specific investment and job creation thresholds, the City will make economic program payments of $25,000 a year for three years to the company.
One agreement simplifies a 2017 agreement between the City and EastGroup for Phase I of Settlers Crossing, which includes two buildings totaling 159,570 square feet. The company has met all of its investment requirements and milestones required under the original contract.
The other agreement calls for EastGroup to invest $9 million to build additional speculative space for Phase II at Settlers Crossing. When complete, the two new buildings combined will add approximately 172,795 available square feet of light industrial space. Building three is 97,518 square feet and building four is 75,277 square feet.
In return, the City will make economic program payments over five years totaling $96,000.
The investments were the result of the efforts of the City’s partnership with the Round Rock Chamber economic development team.
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Source: City of Round Rock