The Economic Development Sales Tax Corporation of Cedar Park voted to approve a $650,000 performance-based economic development agreement with Innovus Corporation, authorizing incentives tied to the company's commitment to lease space, hire workers and undertake a multimillion-dollar investment in the city.

The agreement was presented by city economic development staff, who described Innovus as a global medical-technology company pursuing a location in Building 3 at the New Hope development, a phase-one parcel of a 26-acre, Class A flex project off U.S. 183A and Scottsdale. The company has committed to lease about 100,000 square feet, hire 162 full-time employees and complete an estimated $25.5 million investment in Cedar Park, according to the presentation. The board motion to approve the recommendation passed with unanimous aye votes.

City staff said the project—introduced to Cedar Park through Opportunity Austin nearly a year earlier—advanced after several request-for-proposal rounds, site visits and coordination with outside real estate teams including Cordova and Live Oak. The staff presentation framed the expansion as aligned with Cedar Park's strategic plan to diversify into life sciences.

Representatives of Innovus addressed the board. Shane Meyhand, vice president of manufacturing and supply chain for Innovus, said the division relocating to Cedar Park is Innovus's reconstructive implant business, which includes knees, hips and shoulders. He described rapid growth in that division, noting it generated about $134 million in 2015 and is on track for roughly $1 billion in revenue this year. Meyhand said Innovus completed a roughly 40,000-square-foot expansion in 2022 and expects continued growth.

Meyhand also told the board, "We believe Cedar Park is an ideal place for our company to grow and our employees to thrive while continuing to provide innovative health care solutions to our surgeon customers and their patients." He said he will lead design, build-out and start-up of the site, which Innovus will refer to as the MPOC, or "multipurpose operations center." Mark Bridgette, vice president of advanced manufacturing and engineering, attended and spoke briefly in support.

Under the approved agreement, the $650,000 payment is performance-based: staff said Innovus must meet leasing, hiring and capital investment milestones to receive the grant. The board did not specify additional funding sources beyond the corporation's economic development fund. City staff and Innovus will finalize the agreement language and next steps.

The board recognized internal staff involved in recruiting the project, naming Arthur Jackson, Scott Smith and Joe Hoffman, and thanked Opportunity Austin and the project's real estate partners. The corporation chair called for a motion; an unnamed board member moved to approve the recommendation, a second was recorded, and the motion passed with three ayes. The meeting then moved on and was adjourned.