The Round Rock City Council approved an updated agreement giving Penfold Theatre $324,024 over the next three years, according to Sara Bustilloz, the city's communications and marketing director. Bustilloz said the amount is similar to what the theater received over the past 18 months and will decrease over time. She said the goal is to reassess in three years and discontinue the subsidy.
City officials also approved a performance-based incentive agreement for PulseForge, a manufacturer of specialized tools for semiconductor chip packaging. The agreement requires the company to make $20 million in total capital investments, with $6 million to expand its existing facility and $14 million to acquire business personal property, such as additional machinery. The company would also add 60 new positions.
In exchange, PulseForge will receive $600,000 in two installments. The first, $250,000, would be issued in 2030 if the company invests $10 million and adds 20 jobs. The second, $350,000, would be paid in 2032 if it adds the remaining 40 jobs and reaches a total investment of $20 million. City documents say the incentive will be paid using Type B funding, which is generated by sales taxes.