Pflugerville Community Development Corporation Announces New Lease With Tracking Point
PFLUGERVILLE, Texas— Pflugerville Community Development Corporation Interim Executive Director Amy Madison today announced a new lease agreement with TrackingPoint Inc., the maker of the world’s first high-end precision-guided firearms equipped with smart scopes.
“TrackingPoint came to us with a company-wide financial restructure and new marketing strategy. PCDC negotiated a fair and equitable lease agreement that provides for incentive reimbursements while allowing TrackingPoint to continue operations for their world-class firearms,” said PCDC Interim Executive Director Amy Madison. “Throughout this process we have stayed focused on what’s most important in our community – jobs and growing economic opportunities for the city and our taxpayers.”
After TrackingPoint refunds incentives owed to PCDC under the previous performance agreement, they will have the opportunity for new incentives as additional jobs are created. TrackingPoint will continue leasing 15,320 square feet within the 130 Commerce Center, and the remaining space they are vacating is already under contract with a new tenant bringing additional jobs to the community, Madison said.
“I continue to be fascinated by the sophisticated product and long-range scope on a TrackingPoint firearm, and am proud to have this unique cutting-edge product produced here in Pflugerville,” said Pflugerville Mayor Jeff Coleman. “With this lease extension, the PCDC and Pflugerville extend our support to TrackingPoint as they continue to grow their company and brings jobs to Pflugerville.”
The Pflugerville City Council approved the new agreement with TrackingPoint on Tuesday, Oct. 13.
“TrackingPoint applauds the leadership and creativity from our partners at PCDC to work with us during our transition period,” said TrackingPoint Chief Executive Officer Frank Bruno. “TrackingPoint is back on strong financial footing and this agreement allows us to continue doing what we do best – creating innovative shooting systems for law enforcement and the military. This is a new start for TrackingPoint and we are prepared for long-term success.”
In 2013, TrackingPoint moved corporate headquarters, manufacturing, and research and development facilities to the 130 Commerce Center in Pflugerville. According to a press release issued on September 15, TrackingPoint has completed the reorganization and are accepting new orders and fulfilling obligations from their backlog. The release attributed their interruption of manufacturing was due to a 281% year-on-year growth in 2014 that outstripped management’s capacity to sustain, leading to a suspension of manufacturing and restructure in May 2015.
For more information about PCDC or to set up interviews with Interim Executive Director Amy Madison, please contact Suzanne Erickson at (512) 751-7235 or by email.
TrackingPoint is based in Austin, Texas, and created the first Precision-Guided Firearm, a revolutionary new shooting system that puts fighter jet lock-and-launch technology in small arms, enabling shooters to make shots previously considered beyond human ability. For more information, visit www.tracking-point.com.
About the Pflugerville Community Development Corporation
The Pflugerville Community Development Corporation promotes Pflugerville as a desirable place for new businesses to operate. The organization also supports existing businesses by helping to address their needs. PCDC can provide funding for use as an incentive to businesses to begin doing business in Pflugerville. PCDC funds, which are 4B money generated from a half-cent of the city’s sales tax revenue, can also be used to construct needed infrastructure such as roads, utilities and drainage projects. Located 16 miles northeast of Austin and just south of Round Rock, Pflugerville is well-situated in Central Texas. New state highways 45 and 130 and Interstate Highway 35 all offer direct access to other nearby cities and the region’s main airport. For more information, visit www.pfdevelopment.com.