by: Mike Parker / Austin American-Statesman
A company specializing in repairing semiconductors could receive more than $100,000 in incentives from the city of Round Rock after its decision to expand its staff and build a 32,000-square-foot facility within the city.
The Round Rock City Council on Nov. 24 approved resolutions authorizing a four-year tax abatement program and economic development incentives for Odyssey Technical Solutions, LLC. The Round Rock-based company, which repairs radio frequency, microwave and direct current equipment, marked its 15th year anniversary this year.
The agreement was a joint effort between the Round Rock Chamber, Altman Development Group and Odyssey.
Linda Scott The new Odyssey facility is set to be located at 2000 Steam Way in Round Rock.
Larry Broome, Odyssey’s director of business development and strategy, said the company made inquiries of some surrounding cities before deciding on expanding in Round Rock. He called the company’s expansion “another chapter in an American success story.”
“Round Rock’s willingness to work hard to keep us here, including some incentives, made it an easier decision for our management,” he wrote via email.
Per the agreement, Odyssey will receive 100 percent abatement of city property taxes in 2016 and 2017. The tax abatement decreases to 75 percent in 2018 and 50 percent in 2019.
Odyssey will also receive a $55,000 “Economic Incentives Payment” from the city if its new facility is completed by June 1, 2016. The company must also transfer at least 48 employees to the new facility within a month of its completion, according to the agreement.
An additional $1,000 will be given to Odyssey for every employee it retains or hires between 2016 and 2019, with payments not exceeding $55,000, the agreement reads.
The company must retain at least 48 employees during that period and hire at least seven additional employees by the end of 2016 to receive the tax abatements and incentives, according to the agreement.
State statute allows cities to offer economic incentives and tax abatements by creating a Tax Reinvestment Zone. A city has the ability to create the TRZ “if the governing body determines that development or redevelopment would not occur solely through private investment in the reasonably foreseeable future,” the statute reads.
Ben White, chamber vice president of economic development, said the agreement with Odyssey was years in the making. The city is expected to receive $621,000 in revenue over the next decade through the agreement, he said.
Jim Plourde, president of Odyssey Technical Solutions, noted in a media release the city’s welcoming business environment. “We are eager to move through the next steps of this project and look forward to moving into Odyssey’s new company home,” he said.
Odyssey is investing $5.4 million in land, the building and personal property to move its 54 employees to the new location, according to the release.
The new facility is being built on 2000 Steam Way in the Altman Business Park, located just south of the Round Rock Police Department. The company is expected to move into the facility in May 2016.
Plourde, an Air Force veteran, and Eric Nail began Odyssey in 2000. The company is currently housed in a 22,000-square-foot facility within the city’s extra-territorial jurisdiction.