by: Michael Theis / Austin Business Journal
A Los Angeles-based food company is moving to Round Rock, attracted in part by a $400,000 economic incentive package approved by the Round Rock City Council earlier this month, according to city documents.
The company, ProPortion Foods LLC, will also get a 50 percent property tax abatement from 2017 through 2023 should it meet requirements in the incentives agreement.
The $400,000 will be split between three annual payments starting in 2017, when the company is eligible to receive $200,000, and in 2018 and 2019, when the company is eligible to receive $100,000 each year.
In exchange, ProPortion Foods is required to bring its offices, food processing, storage and warehouse space to Round Rock and grow to a total of 400 employees by 2021 with interim employment goals starting at 200 employees by 2017. Once it reaches 400 workers in 2021, the company has to maintain that level of employment through 2023.
Further, the company is required to invest at least $13 million in its new Round Rock facility.
According to the Austin American-Statesman, the company plans to buy a food processing facility previously used by food distributor Sysco at 101 Chisholm Trail in Round Rock.
Michael Theis covers local government, courts and economic development for the Austin Business Journal.