An out-of-state manufacturer plans to set up shop in the Business and Technology Park on U.S. 281 North in Marble Falls. File photo
An out-of-state manufacturer is planning to move to Marble Falls and bring 120 jobs with it. During its April 6 meeting, the city’s Economic Development Corp. approved a land sale and entered into a performance agreement with an organization code-named Project Penguin.
“Project Penguin is an out-of-state manufacturer that wants to establish a presence in Texas,” said EDC Executive Director Christian Fletcher in a April 12 statement to DailyTrib.com. “They don’t want their existing employees to see the news and get spooked, so they’ve asked for confidentiality.”
The approved land sale was for a 24-acre tract in the 300-acre Business and Technology Park off of U.S. 281 North in Marble Falls. The land, which was sold for $1.2 million, will eventually hold a 20,000-square-foot facility.
In addition to the land sale, the EDC also entered into a performance agreement with Project Penguin in which the EDC will provide $600,000 in funding for the project. This is part of an incentives package negotiated between the two parties based on the cost of land and the possibility of bringing new jobs to the area.
“The amount of jobs this guy is talking about bringing, and it’s pretty quality jobs, influenced (the EDC) as far as really wanting to play ball with them,” said EDC board President Steve Reitz during the April 6 meeting.
The project is expected to create 120 full-time jobs over the next nine years, according to the performance agreement.
The EDC will release the first $100,000 once the project has received a certificate of occupancy from the city of Marble Falls. The remaining $500,000 reimbursement will be released in amounts of $40,000 to $80,000 over a nine-year period spanning from 2024 through 2032.
If Project Penguin is unable to uphold its side of the performance agreement, the EDC will be able to recover incentives package funds.