Austin City Council approves development agreement with Nu-Tek Biosciences at Monday meeting

The Austin City Council approved a development agreement with Minnetonka-based Nu-Tek Biosciences, LLC at their meeting Monday evening to construct a 60,000 square foot facility in Creekside Business Park that will be used for the production of vegetable and yeast-based proteins for the pharmaceutical and food industries.  KAUS spoke with Austin Mayor Steve King, who stated that Nu-Tek will be a great fit for the city of Austin…

Mayor King went on to give a timeline as to when the project is slated to start…

Mayor King also talked about GROW Austin, who he credited with playing a large role in bringing Nu-Tek to the city….

City officials stated that the total construction cost is expected to be approximately $35 million, including $17.95 million in construction costs and $16 million in equipment requirement.  The building’s taxable value is expected to be anywhere from $4.3-$4.7 million.