DEPARTMENT: Economic Development Department
DEPARTMENT HEAD: Rene Dominguez
COUNCIL DISTRICTS IMPACTED: District 1
SUBJECT:
An Ordinance authorizing the San Antonio Economic Development Corporation ("SAEDC") to undertake an economic development project with Parlevel Systems, Inc. ("Parlevel") in the amount of $100,000; as such authorization is required by the SAEDC Investment Guidelines.
SUMMARY:
Staff, upon the request of SAEDC, is requesting City Council action to authorize SAEDC to undertake an economic development project through a contractual agreement with Parlevel in an amount of $100,000 to retain and expand the company's jobs and business activities in San Antonio.
BACKGROUND INFORMATION:
Parlevel is a local startup technology company and successful graduate of the 2013 Techstars Cloud accelerator program in San Antonio. The company was founded in 2012 by UTSA graduate, entrepreneur and CEO, Luis Gonzalez, and offers software and hardware platforms for food and beverage sellers, distributors, and manufacturers in the $30 billion-a-year vending industry.
Parlevel headquarters and business operations are located in downtown San Antonio, and the company currently employs over 30 people with plans to double its workforce in the next 2-3 years. In just 18 months of full operations, Parlevel has sold 26,000 of its unique platform connections to 160 vending companies. Parlevel is projecting over $6 million in sales and revenues this year.
On November 21, 2013, Council authorized the SAEDC Board to receive initial funding of $500,000 through a Chapter 380 Economic Development Grant Agreement with the City to establish an SAEDC Investment Fund ("the Fund"). The Funds were made available for investment in economic development projects evaluated and approved in accordance with the SAEDC Investment Guidelines. The Investment Guidelines require City Council approval for economic development projects exceeding $50,0...
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