Posting Language
Title
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.
De
Lead Department
Austin Economic Development.
Fiscal Note
Maximum incentive payments to 3billion US, Inc. are estimated at $200,000 over the course of a ten-year term, if all performance and compliance criteria are met. Funding for incentive payments is contingent upon the annual appropriation of funds to the Economic Incentive Reserve Fund by City Council. Eligible sources of funding for the Economic Incentive Reserve Fund may include, but are not limited to, sales taxes, property taxes, mixed beverage taxes, and grants and private donations.
For More Information:
Anthony Segura, Deputy Director, Austin Economic Development, 512-974-3187; Matthew Schmidt, Division Manager, Austin Economic Development, 512-974-6415.
Additional Backup Information:
Project Summary
3billion US, Inc. is the U.S. affiliate of 3billion, Inc., a rare-disease genomics company headquartered in Seoul, South Korea. The company has established its U.S. presence in Austin, Texas, positioning Austin as a base for its North American operations and market entry. 3billion US, Inc. provides next-generation sequencing-based testing (including whole-exome and whole-genome sequencing) to support diagnosis of suspected rare genetic diseases.
3billion US, Inc. is launching a 12,994 square foot genetic testing lab at 13620 Ranch to Market Rd 620. The facility will provide up to 50,000 genetics tests a year. The prospective total direct economic impact of the project of the facility would be a capital investment of $8.1M.
Employment Impact
3bi...
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