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AEDC board approves a $1,560,000 location incentive agreement with Suspendem Inc.
After an executive session, the AEDC board approved a location incentive agreement with Suspendem Inc., described in the minutes as a Canadian wind-turbine blade and nacelle repair company opening its first U.S. location in Amarillo. The package totaled $1,560,000 over five years: $10,000 per job for up to 150 jobs, $10,000 toward rent at the West Texas Enterprise Center and the Revolution Center, and $50,000 in employee relocation expenses. The minutes say the project would go to the City Council on January 28, 2020.[1]
Kevin CarterLaura StreetAmarillo Economic Development Corporation (AEDC)
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The minutes record a total incentive package of $1,560,000 paid over five years, seven years to reach 150 employees, and that only the $10,000 rent and the $50,000 relocation expenses would be paid up front as incurred, with the job payments made after payroll data is provided. Vice-Chairman Brown moved, Director Bentley seconded, and the motion was approved.[1]
- Incentive
- $1,560,000
- Jobs
- 150
