WICHITA FALLS (KFDX/KJTL) — A new incentive package was passed earlier this week and it will give North Carolina-based Pamlico Air a host of new tax incentives for keeping the doors of their Texoma plant open.
Located in the former Stanley Tool building in downtown Wichita Falls, Pamlico Air has surpassed its goal of hiring 200 workers and as a result, will benefit from the package.
That would abate most of the company’s taxes during the first year of the deal and gradually increase taxes thereafter.
A move that Judge Woody Gossom says helps attract businesses who stay in Wichita Falls.
“It’s a competitive market out there. As to what we do to attract business is to reward them for bringing jobs. That adds a tremendous boost to our economy because not all those people are going to come from here. They’re going to have bring in with skill levels above because we haven’t had an operation like that,” Gossom said.
Judge Gossom says that the city does not offer open-ended tax abatement deals and also that businesses must meet metrics outlined in any deal in order to receive funding.
Under current law, counties cannot offer tax abatements to road and bridge funds or sinking funds.