· Context
City Council approves $700,000 AEDC job incentive and tax abatement for International Aerospace Coatings, 5-0
Following AEDC board approval reported on July 15, 2025, the council voted 5-0 on an eight-year tax abatement (80% in year one, falling 10 points a year) and 5-0 on an AEDC location incentive agreement providing International Aerospace Coatings $700,000 for 70 new jobs over five years. The same meeting approved, on consent, a new 50-year lease at Rick Husband Amarillo International Airport authorizing a wide-body paint hangar.[1][2][3]
Doug NelsonCole StanleyTim ReidDon TippsDavid PrescottLes SimpsonAmarillo Economic Development Corporation (AEDC)International Aerospace Coatings, Inc. (Associated Painters, Inc.)
What the sources say
- ✓ Verified
On July 22, 2025 the council voted 5-0 on a tax abatement agreement among the City, the AEDC and International Aerospace Coatings, Inc. (dba Associated Painters, Inc.): eight years, 80% in year one and decreasing by 10% per year; and 5-0 on an AEDC location incentive agreement providing IAC $700,000 for the creation of 70 new jobs over five years, as they are created. [1]
- Job incentive
- $700,000
- Jobs
- 70
- Abatement first year
- 80%
- Abatement years
- 8
- ✓ Verified
The abatement notice in the council packet lists Reinvestment Zone No. 25 at 10801 Baker Street, with an estimated cost of improvements of no less than $12,000,000 for an aircraft hangar complex (an estimate). The consent agenda, approved 5-0, included Amendment No. 2 to IAC's airport lease setting a new 50-year term, with initial rent of $42,893.14 a month rising to $47,431.07 by July 2027. [2][1]
- Estimated improvements
- $12,000,000