UK-Based Firm To Create 100 Cedar Park Jobs

CEDAR PARK, TX — City council members Thursday night approved an economic incentive package to lure United Kingdom-based Additive Manufacturing Technologies Ltd., a company specializing in post-processing solutions for 3D printed parts that will create 100 local, high-paying jobs in Cedar Park.

Jobs created by the move will average some $80,000 a year, along with a projected $1.84 million in sales tax revenue to the local economy, officials said. Moreover, AMT plans to invest $1 million in capital expenditures for its planned Cedar Park Innovation Center. The 18,085 square foot facility will be located at 1200 BMC Drive to be leased by the end of October, city officials said.

The move comes as the firm is expanding its business operations and customer support in the North American market, city officials noted. To that end, Industrial 3D printing solutions company Farsoon Technologies and Mitsubishi Electric are partnering with AMT to grow its market base in the U.S., according to city officials.

“AMT is creating jobs of tomorrow,” Cedar Park Economic Development Director Ben White said in a prepared statement. “They are providing a service that takes manufacturing to a new level.”

In terms of municipal financial inducement to bring the plant to town, total investment from the Cedar Park Economic Development (Type A) Corporation amounts to $580,850, funded by 3/8 cent of local sales tax, city officials said. The agreement is performance-based, officials said, with built-in protections for the city in the event those corporate goals aren't met. Among these safeguards is a tenant improvement reimbursement and an equipment relocation incentive, according to a city advisory.

The financial incentives also are contingent on hiring goals. In exchange for the financial incentives from the city, AMT officials have guaranteed to create a certain number of jobs each year in order to receive annual financial installments over five years, city officials said.

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, city officials noted.