Founded:
April 2003

Board Members:
City of Sugar Land
Fort Bend County
Gas Technology Institute
Greater Fort Bend Economic Development Council
University of Houston

Taxpayer Funding:
Texas Enterprise Fund grant – $3.6 million
City of Sugar Land – $250,000
Fort Bend County – $250,000
University of Houston – $200,000

State Grant Obligations – February 2004 Contract:

2. b. TEC’s Investment in Texas – TEC agrees that its capital investment in a new building or buildings at the Center shall exceed $20 million. TEC agrees to commit to this full investment by means of an executived construction contract no later than Aug. 31, 2005, and agrees to complete this full investment by means of a completed building or buildings by Jan. 1, 2007.

c. Job Creation and Wage Targets – (ii) By Jan. 1, 2009, TEC will be significantly responsible for creating 1,500 new employment positions in Texas with an average annual gross compensation of more than $70,000.

4. b. Management of Funds – To provide accountability to the state regarding the use of the funds, TEC shall establish segregated accounts for the funds received under this agreement. TEC shall notify the state of the applicable account number and payee information for the payments made hereunder. All funds received under this agreement shall be deposited into the applicable accounts, and TEC shall not commingle such funds with any other funds. All funds are provided in a quid pro quo arms length transaction between the parties for the specific goods, services and purposes described herein, and no amount of the funds may be used for the general support of the TEC or any other private entity.

State Grant Obligations – December 2005 Amended Contract:

2. b. TEC’s Investment in Texas – Deleted

c. Job Creation and Wage Targets – TEC commits to being directly involved in creating and maintaining at least 1,500 new employment positions by Dec. 31, 2015, with an average annual gross compensation of more than $70,000.

4. b. – Management of Funds – Deleted