City Council approves AEDC incentive and land agreements with Producer Owned Beef and CVMR (Texas)

What the sources say

• ✓ Verified

  On May 24, 2022 the council voted 5-0 to approve an AEDC location incentive agreement providing Producer Owned Beef, LLC $8,000,000 for full-time jobs, paid over five years on a five-year performance term, and conveyance of 610 acres valued at $3,109,200; 5-0 on a 10-year, 100% tax abatement on construction and equipment costs; and 5-0 on a City Chapter 380 economic development agreement for a 600,000 square-foot food processing facility. ^[1]

  Job incentive

  $8,000,000

  Acres conveyed

  610

  Land value

  $3,109,200

• ⚠ Sources differ

  Sources give different acreage for the land offered to Producer Owned Beef.

  Reported value 1[1]

  Acres

  610

  Council minutes, May 24, 2022: AEDC to convey 610 acres.

  Reported value 2[2]

  Acres

  1,000

  Approx

  true

  KFDA, May 16, 2022: about 1,000 AEDC-owned acres near the I-40 and U.S. 287 split.

• ✓ Verified

  KFDA reported (projections) that the AEDC board approved $5,000 per job for up to 1,600 jobs at the Producer Owned Beef plant, that the two projects together could bring about $2 billion in private construction investment, and that payments would be made only after jobs were created. ^[2]

• ✓ Verified

  The council voted 5-0 to approve an AEDC location incentive agreement providing CVMR (Texas) Inc. $20,000,000 for full-time jobs, paid over ten years on a ten-year performance term, and conveyance of 540 acres valued at $4,500,000, and 5-0 on a 10-year, 100% tax abatement. ^[1]

  Job incentive

  $20,000,000

  Acres conveyed

  540

  Land value

  $4,500,000