The Fredericksburg City Council approved three performance agreements Tuesday night for technology firms planning expansions in the city.
The council approved five-year performance agreements for each of the three companies that will allow them to receive a full waiver on their business license taxes for the first three years and a 50 percent waiver for the next two. The agreements do not include any upfront money from the city.
QRC Technologies, IST Research and ILM Corporation were granted Technology Zone incentives as a result of all three firms’ plans for investments totaling about $9 million. Combined, the three companies will occupy about 43,000 square feet of space in the city.