ProbablyMonsters Inc.
The Fort Worth City Council unanimously passed an economic development deal with ProbablyMonsters Inc. at last Tuesday's meeting.
City staff recommended that the council approve providing the company $1.5 million in the form of five annual grants to lure the technology company to establish a primary office to Fort Worth.
ProbablyMonsters, based in Bellvue, Washington, is focused on electronic game design. The company was founded in 2016 by CEO Harold Ryan, who raised $250 million in Series A funding in 2022, the largest in console gaming history.
The tech industry has been identified by the city as a high-value target.
The money will be paid out of the city's economic development fund.
With approval, it is anticipated that the company will locate in leased space at 210 E. 8th St. by June 1, according to a Mayor and Council Communication that detailed the proposal. That site is in Councilwoman Elizabeth Beck’s District 9. Beck motioned for approval and colleague Michael Crain seconded.
The company is required to lease a minimum of 30,000 square feet within the city by Dec. 31, 2024.
In exchange, the company also must meet hiring conditions, from 60 full-time positions by June 2024 to 300 by June 2028. Average annual salaries for the jobs must be at least $75,000 during the term of the agreement. The company must also “use its best efforts” to hire locally with a goal of 30% employment of Fort Worth residents.
The city would pay out the company in five annual grants of $500,000, $400,000, $300,000, and $100,000.
A provision in the agreement would require ProbablyMonsters to maintain its employment commitments for at least three years after the fifth payment.
