Agreement brings 100 high-paying tech jobs to Cedar Park
UK-based AMT chooses Cedar Park for company’s Innovation Center
Cedar Park will soon become home to the Innovation Center for UK-based innovative, high tech manufacturing company Additive Manufacturing Technologies Ltd. (AMT), thanks to an economic incentive agreement approved by City Council at the Regular Scheduled Meeting on June 27, 2019. The move will add 100 jobs with average wages of $80,000 a year, along with a projected $1.844 million in sales tax revenue to Cedar Park. AMT plans to invest $1M in capital expenditures for its Cedar Park Innovation Center.
AMT is a specialist in post processing solutions for 3D printed parts, and is expanding its business operations and customer support into the North American market. Industrial 3D printing solutions company Farsoon Technologies as well as Mitsubishi Electric are partnering with AMT to grow its market base in the United States.
“AMT is creating jobs of tomorrow,” Cedar Park Economic Development Director Ben White said. “They are providing a service that takes manufacturing to a new level.”
The project was brought to Cedar Park through a local broker. The total investment from the Cedar Park Economic Development (Type A) Corporation is $580,850, funded by 3/8 cent of local sales tax. The agreement is performance-based with built-in protections for the City. It includes a tenant improvement reimbursement and an equipment relocation incentive. AMT also guarantees a certain number of jobs each year in order to receive annual installments over five years. The 18,085 square foot facility will be located at 1200 BMC Drive and must be leased by the end of October 2019.
In addition to sales tax and property tax revenue growth from AMT’s move to Cedar Park, the economic benefit to Cedar Park of this investment is a 34.8 percent rate of return with a payback period of 3.1 years.