4A Board discusses old Stanley Tools building, Cobra Kai Flight Academy potential expansion

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WICHITA FALLS (KFDX/KJTL)—The old Stanley Tools building on Production Boulevard is closer now to housing a new company as Cobra Kai Flight Academy looks to expand. The Wichita Falls Economic Development Corporation focused on both items during Thursday’s meeting.

The old Stanley Tools building on Production Blvd. was donated to the Wichita Falls Economic Development Corporation in 2016.

“Since then, the EDC has been putting money back into the building, replacing the roof, repairing electrical infrastructure and that sort of thing to get it ready for a project,” Wichita Falls Chamber of Commerce CEO, President Henry Florsheim said.

Now a potential project, with the company “Rise Captial” interested. The Wichita Falls EDC voted to give the president the authority to negotiate a deal to sell the building at a price of no less than 2.5 million dollars.

“If this project goes through, if we can negotiate a deal on the building and then on incentives down the road, we could be looking at 200 or more industrial jobs,” Florsheim said.

On the other hand, Cobra Kai Flight Academy is asking for an incentive to help expand its facilities and allow more training to occur in Wichita Falls.

“This is basically a compensation based learning for the military, we got the request last year from AATC, United States Air Force to basically develop some programs for them,” Cobra Kai Flight Academy owner Martin Bohn said.

Martin Bohn believes this will bring many jobs to Wichita Falls. While Thursday’s meeting consisted of presentation and discussion, there’s a chance the company could get the half-million dollars it’s requesting.

“Aerospace is one of our target industries, we’re an aerospace community,” Florsheim said. “No action was taken today, we’ve got some more questions and want to evaluate the proposal.”

Residents may see a new industrial company and potentially local military training in the future.

The old Stanley Tools building closed operations in 2002.

You can read more about it here and more about Cobra Kai Flight Academy here.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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