by BRAD ROLLINS
Upland Logic Inc., a startup straddling the financial services and information technology sectors, is considering relocating its headquarters from Atlanta to San Marcos.
The San Marcos City Council voted at its regular meeting Tuesday night to guarantee most of an $800,000 small business loan the company is seeking from the Economic Development division of Texas Gov. Rick Perry’s office.
As collateral, Upland Logic has pledged all of its physical assets — furniture, fixtures and equipment valued at about $500,000 — and its intellectual property rights, which it says are worth $6-$8 million. At the insistence of council member Wayne Becak, a retired banker, the council asked for additional security including the company’s trademarks and patents and to be named as a beneficiary on a life insurance policy written for Upland founder and chief executive officer Mark B. Prior.
“We don’t want to end up in a situation where the company owes us and we owe the state,” Becak said.
If a deal is finalized during the next few weeks, the company will commit to creating 125 jobs over the next five years with an average annual salary of more than $65,000, Greater San Marcos Partnership President Adriana Cruz told the San Marcos Mercury. Six of the company’s executives plan to relocate to Central Texas, Cruz said. New hires are expected to fill out most of the remaining payroll.
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COVER: PHOTO ILLUSTRATION by TODD WISEMAN/THE TEXAS TRIBUNE