Buda signs three deals to drive development, job creationBuda signs three deals to drive development, job creationhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=37142014-07-07T14:48:00Z2014-07-06T00:00:00Z

BUDA - The Buda City Council has approved economic development agreements that could drive as many as 130 new jobs to the city.

The City Council and the Buda Economic Development Corporation (BEDC) have offered as much as $210,000 to three companies that are expected to generate $5.6 million in new capital investment.

The City Council approved a $62,000 cash incentive to help Spohn & Associates Inc. create Pinballz Kingdom — a video arcade, bar and music venue. The project will create at least 25 full-time equivalent jobs.

BEDC will provide as much as $38,000 in sales tax rebates over ten years and the city will provide as much as $38,000 in tax rebates to Buda Mill & Grain. That project, which will redevelop Buda’s historic mill into restaurant and retail spaces, is required to create at least ten full-time equivalent jobs, but could eventually exceed 80.

Buda EDC will provide $36,000 in cash incentives to The Fat Quarter Shop for fees associated with the construction of a 60,000-sf facility. The Fat Quarter Shop — which specializes in quilt fabric — is investing more than $4.5 million in this project that will retain 85 existing jobs and create at least 12 more jobs through five years. Under the deal, the city will also offer a property tax rebate of up to $36,000 over five years.

For more on Pinballz Kingdom, see previous story Pinballz Kingdom lowers the drawbridge to Buda.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2014/07/buda-entices-3-companies-to-expand-redevelop-mill.htmlRead more at {Source}

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