· Context
City Council approves $3.75 million AEDC incentive and 400-acre conveyance for Plant AS, 5-0
The council voted 5-0 to approve an AEDC location incentive agreement with Plant-AS-DNPS-003-2 providing $3,750,000 for up to 750 jobs and conveyance of 400 acres near Folsom Road and 24th Street valued at $4,800,000. The motion was amended to pay the $3,750,000 over 10 years instead of five. The council also approved a 10-year stair-step tax abatement for SW 003 Distribution Logistics, LLC.[1][2]
Kevin CarterGinger NelsonFreda PowellEddy SauerHoward SmithCole StanleyAmarillo Economic Development Corporation (AEDC)Plant AS (Plant-AS-DNPS-003-2)
What the sources say
- ✓ Verified
On March 14, 2023 the council voted 5-0 to approve an AEDC location incentive agreement with Plant-AS-DNPS-003-2 under which the AEDC would provide $3,750,000 for up to 750 jobs and convey 400 acres near Folsom Road and 24th Street valued at $4,800,000. [1][2]
- Job incentive
- $3,750,000
- Max jobs
- 750
- Acres conveyed
- 400
- Land value
- $4,800,000
- ⚠ Sources differ
Sources differ on the payout period approved for the Plant AS incentive.
- ✓ Verified
ABC 7 reported (projections) that Plant Agricultural Systems planned 10 greenhouses and 750 jobs over five years at an AEDC-estimated average salary of $45,000. [2]
- ✓ Verified
At the same meeting the council voted 5-0 on a tax abatement agreement with SW 003 Distribution Logistics, LLC: a 10-year stair-step abatement starting at 100% and decreasing 10% each year. [1]