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AEDC board approves a $300,000 Golden Spread Electric Cooperative jobs incentive and up to $1.2 million in site work
The board approved a new location incentive agreement with Golden Spread Electric Cooperative: $20,000 per job for up to 15 transmission and distribution jobs, paid over five years, up to $300,000, with jobs to be kept for 10 years. In a separate motion it approved up to $1,200,000 in site improvements between 5th and 6th Streets and Bowie and Parker (project 20-03-01), conditioned on the City receiving a grant for the rest of the cost; Director Hall abstained.[1][2]
Kevin CarterBrian HeinrichLaura StreetAmarillo Economic Development Corporation (AEDC)
What the sources say
- ✓ Verified
The minutes say Golden Spread's existing agreement keeps its headquarters in Amarillo until 2032 based on local spending; the new one covered up to 15 jobs (five in the first year, 10 more within four years) at $20,000 per job paid over five years, a maximum of $300,000, with the jobs retained for 10 years. Director Street moved, Director Hall seconded, and it was approved. The January 31, 2025 project report lists 'Golden Spread Electric Coop 2020' at $300,000 with $56,000 paid in prior years and $52,000 paid year to date.[1][2]
- Incentive
- $300,000
- Jobs
- 15
- ✓ Verified
Director Heinrich moved that the board approve the site-work expenditure 'based on the assumption that the city will receive the grant applied for to cover the additional cost of the project, which will be valued at four-times AEDC's contribution.' Carter said that if the grant was not approved the AEDC would not be obligated to make the improvements unless the board committed to do so. The motion was approved with Director Hall abstaining; the minutes give no reason for the abstention, and no later minutes in the set report the grant's outcome.[1]
- Site work
- $1,200,000
