AGENDA CAPTION:
Title
Consider approval of Resolution 2024-09R, nominating CFAN company to the Office of the Governor, Economic Development and Tourism, through the Economic Development Bank as an enterprise project pursuant to the Texas Enterprise Zone Act; and declaring an effective date.
Body
Meeting date: February 6, 2024
Department: City Manager’s Office
Amount & Source of Funding
Funds Required: $0
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Fiscal Note:
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Economic Vitality
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☒ Economic Development - Emerging Markets & Industry Relationships
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Background Information:
CFAN, a San Marcos based aerospace component manufacturer is considering a $40M investment in advanced manufacturing equipment from 2024 through 2029 and plans to retain over 350 full-time advanced technology positions. CFAN also plans to add an additional 10 new full-time jobs as a direct result of this project over the next 5 years. The Texas Enterprise Zone Program requires local jurisdictions to nominate companies for enterprise project designation. This program utilizes state funds and does not require local participation.
Council Committee, Board/Commission Action:
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Alternatives:
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Recommendation:
Approve nominating resolution for CFAN Enterprise Zone project