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Apr 23, 2024 · Context

Council approves new AEDC incentive of up to $300,000 for Asset Protection Unit, 5-0

The council voted 5-0 on an AEDC location incentive agreement with Asset Protection Unit, LLC, which planned to expand its insurance transaction audit recovery business: $10,000 per job created, paid over five years, up to $300,000, with 30 new employees projected.^[1]^[2]

Cole Stanley Josh Craft Don Tipps Tom Scherlen Les Simpson Amarillo Economic Development Corporation (AEDC)Asset Protection Unit, LLC

What the sources say

✓ Verified
Les Simpson moved and Don Tipps seconded to approve the agreement; it passed 5-0. The memo projected 30 new employees, an incentive of $10,000 per job paid over five years (up to $300,000), and said the AEDC board was considering the agreement on April 22, 2024.^[1]^[2]
Incentive
$300,000
Projected jobs
30
⚠ Sources differ
Sources differ on the status of Asset Protection Unit's earlier (2019) $1,250,000 AEDC commitment, on which $280,000 had been paid.
Reported value 1[3][4]
Remaining
$20,000
FY2024 audit: '$970,000 of incentives have lapsed, leaving a remaining commitment of $20,000 as of September 30, 2024.' The AEDC's 2024 annual report says the earlier agreement concluded in 2023.
Reported value 2[5]
Remaining
$950,000
AEDC status report through March 31, 2026: $280,000 paid in prior years, $20,000 current-year budget, $950,000 under future commitments.
✓ Verified
The AEDC's account registers list payments to Asset Protection Unit of $60,000.00 on March 2, 2023, $60,000.00 on March 21, 2024 and $20,000 on January 22, 2026. The first two predate the April 2024 agreement; the registers do not say which agreement each payment falls under. The $20,000 equals the current-year payment the AEDC's March 2026 status report lists for the 2024 agreement. ^[6]^[7]^[8]^[5]
Payment 2023
$60,000
Payment 2024
$60,000
Payment 2026
$20,000
✓ Verified
The AEDC board approved the Asset Protection business expansion agreement 4-0 on April 22, 2024 with Chairman Hall abstaining: $10,000 per job over five years for up to 30 new jobs, up to $300,000. The minutes give no reason for the abstention.^[9]
Incentive
$300,000

Sources

1.City Council Regular Meeting minutes, April 23, 2024 — City of Amarillo, May 14, 2024 · retrieved Oct 14, 2026primarySubject-authoredScanned signed minutes; consent agenda approved 5-0 (motion Craft, second Tipps).
2.City Council Regular Meeting agenda packet, April 23, 2024 — City of Amarillo, Apr 19, 2024 · retrieved Oct 14, 2026primarySubject-authoredConsent items 9.AA (Lawrence Lake planning, Freese and Nichols), 9.BB (45th Avenue and Lamar Street, Kimley-Horn) and 9.CC (23-24 multi-site storm drain, Freese and Nichols), with memos.
3.Amarillo Economic Development Corporation Financial Statements (audit), September 30, 2024 and 2023 — Amarillo Economic Development Corporation, Mar 17, 2025 · retrieved Oct 16, 2026primarySubject-authoredScanned file read with OCR; issued March 17, 2025. Note 16 on Asset Protection Unit: "$970,000 of incentives have lapsed"; on Jax Transport: "$240,000 of funds have been expended on this commitment, leaving a remaining commitment of $3,060,000". Note 20: "AEDC approved a purchase sale agreement with Pacific Cheese for approximately 3.61 acres".
4.Amarillo EDC 2024 Annual Report — Amarillo Economic Development Corporation, May 19, 2025 · retrieved Oct 16, 2026primarySubject-authoredStance: favorable"published" is the upload date. States that construction of Haven FBO began "in January 2025" and that APU's earlier agreement concluded in 2023.
5.Amarillo EDC Board of Directors Meeting Package, August 20, 2026 — Amarillo Economic Development Corporation, Aug 20, 2026 · retrieved Oct 16, 2026primarySubject-authoredIncludes the minutes of the July 9, 2026 board meeting (item 6, AAA Cooper amendment approved 4-0, "extension of their reporting for job creation to 2030") and the unaudited "CUMULATIVE PROJECT STATUS REPORT Through March 31, 2026", marked "Restricted for management only, notes are not presented".
6.Amarillo Economic Development Corporation account register, October 1, 2022 - September 30, 2023 — City of Amarillo, Feb 9, 2026 · retrieved Oct 18, 2026primarySubject-authoredScanned G/L by Business Unit report (City report R09420) listed on the City's Financial Transparency page under 'Component Unit Account Registers'. Columns: explanation, document type and number, G/L date, debit, credit. Figures cited on this site were read from the page images. Covers the AEDC Operating (9110.10530) and AEDC Projects Fund (9120.10540) bank accounts; report run February 9, 2026.
7.Amarillo Economic Development Corporation account register, October 1, 2023 - September 30, 2024 — City of Amarillo, Feb 9, 2026 · retrieved Oct 18, 2026primarySubject-authoredScanned G/L by Business Unit report (City report R09420) listed on the City's Financial Transparency page under 'Component Unit Account Registers'. Columns: explanation, document type and number, G/L date, debit, credit. Figures cited on this site were read from the page images. Covers the AEDC Operating (9110.10530) and AEDC Projects Fund (9120.10540) bank accounts; report run February 9, 2026.
8.Amarillo Economic Development Corporation account register, January 2026 — City of Amarillo, Jun 17, 2026 · retrieved Oct 18, 2026primarySubject-authoredSpreadsheet account register listed on the City's Financial Transparency page under 'Component Unit Account Registers'. Lists the date, journal source, spend category, supplier or customer, fund, payment and deposit for each row.
9.Amarillo Economic Development Corporation Board of Directors minutes, April 22, 2024 — Amarillo Economic Development Corporation (via City of Amarillo CivicClerk), May 21, 2024 · retrieved Oct 22, 2026primarySubject-authoredScanned minutes (OCR); figures checked against the page images. 'published' is the date the board approved these minutes, as recorded in the minutes of that later meeting.