Wonder what city though... Austin's already too crowded as it is but has a great talent pool. Could be better off somewhere like San Marcos or Georgetown.
My first thoughts on this would be the Frisco area just north of Dallas. I believe it has been touted as one of the fastest growing areas in the country. The local gov't there is giving away the city just to attract business. Toyota just moved there, the Dallas Cowboys just relocated there, there are others that I'm not recalling and more is in the works. They are close to DFW airport (one of the largest) as well as smaller Lovefield (very appealing after the Wright amendment has been lifted). This airports already offer the required direct flights. As for colleges, there are so many to feed into it, that it's not really a concern. Cost of living in North Texas is very cheap, and other than the occasional tornado, environmentally it is very stable.
Why not Houston? It's major city, but it's still inexpensive. I know that Harvey and other storms would scare people away, but it's not as bad as it looks in the news. Houston area is huge and majority of the area are not affected much.
Haven't seen it listen much but it is probably one of the top contenders. There is a reason Toyota, along with many others, moved their (U.S.) headquarters here.
North Dallas is getting crazy crowded, though. Enough that housing supply for their potential workers really should be a concern for any additional company looking to relocate there.
That said, engineer availability should be fairly good when compared to most places outside of more traditional tech hubs (the area is served by TCU/SMU/UTD directly, UT/Texas A&M/additional Texas schools indirectly, is already near EDS and Perot Systems/whatever those two call themselves these days) and the local authorities have shown both a desire and ability to attract major company retractions. You would have to think the North Dallas area is on the shortlist.
While North Dallas is exploding (huge growth in population for the past decade, maybe the most in the country?), it is far from being overpopulated. There is absolutely no shortage of land/property.