4A Board Considers Future Incentives

 

The Wichita Falls economic development corporation is going to continue working with two companies that did not create as many jobs and bring in as much sales tax revenue as hoped.
The 4A board discussed performance agreements this afternoon with Wichita Clutch and Excalibur Paint and Coatings.

Wichita Clutch was granted an extension on their incentives package in the April of 2014.
The company received more than 300 thousand dollars from the board at that time was given 3 more years to fulfill their end of the bargain.
That did not happen but economic development corporation president, Dick Bundy says they're working together to make things right.

"They've added more equipment to the plant out there and we're using that as security to forgive that original 300 thousand dollar loan over a period of time." Dick Bundy WF Economic Development Corporation President

In 2010 The Economic Development Corporation chose to give Excalibur Paint and Coatings three 500 thousand dollar loans to help the company create new jobs.

They received the first half million dollar loan but because the business did not keep growing with enough new employees the board chose not to continue on with the loans.

The board is going to forgive the loan Excalibur received if the company keeps those jobs going and stays in Wichita Falls over the next five years.

The 4A Board also discussed marketing the former Stanley Tools Building and the old ATCO building on Burkburnett Road that was formerly Fleetwood Manufactured Homes.
Board members accepted a  $38,000 marketing proposal from Binswanger Marketing to try to attract a new company into both buildings.

Back in February, the economic development corporation made a large investment to bring the Stanley tool building back to life. The budget to maintain the building over the next year and rebuild the electrical service because of problems with rats was raised from 145 thousand dollars to 185 thousand.

Mayor Stephen Santellana believes it's absolutely the right move as the city still hopes to bring in an aerospace manufacturing company.
 


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