Authorize negotiation and execution of a Business Expansion Program economic development agreement with 3billion US, Inc. for a jobs-based award of $1,000 per job hired in the City of Austin over a 10-year term, as well as a transfer of $20,637 to the Childcare Assistance Reserve Fund. Funding: Contingent upon approval of the Operating Budget of the Austin Economic Development Department’s Economic Incentive Reserve Fund Budget.

Summary

This agenda item authorizes the negotiation and execution of an economic development agreement with 3billion US, Inc., a rare-disease genomics company, for its U.S. operations. The agreement includes a jobs-based award of $1,000 per job hired in Austin over a 10-year term, contingent upon the company creating 200 full-time jobs with an average salary over $95,000. The total potential incentive payment is estimated at $200,000. Additionally, $20,637 will be transferred to the Childcare Assistance Reserve Fund. Funding for these incentives is dependent on the approval of the Austin Economic Development Department's Operating Budget. 3billion US, Inc. is establishing a 12,994 square foot genetic testing lab at 13620 Ranch to Market Rd 620, representing an $8.1M capital investment and the capacity to perform up to 50,000 genetics tests annually. The company commits to local hiring, community outreach, and procurement of local art.

Citizen Impact

This agreement is expected to create 200 new jobs in Austin with competitive salaries and benefits, contributing to the city's life sciences sector. A portion of the funds will also support the Childcare Assistance Reserve Fund, benefiting local families.

Confidence

high