UPDATE: Nov. 19, 2019, 4:00 p.m.
200 new industrial jobs are on track to come to Wichita Falls after Tuesday morning’s City Council meeting.
City leaders unanimously approved a $2.3 million incentive package for Pamlico Air, a manufacturing company that provides air filters, air filtration products and equipment.
The funds will come from the 4-A Board.
The old Stanley Tools building on Production Blvd. was donated to the Wichita Falls Economic Development Corporation in 2016.
Rise Capital purchased the building for $2.4 million.
Pamlico Air will lease the building from Rise Capital, with plans to hire 200 workers within the first year.
The company hopes to begin production by March 2020.
WICHITA FALLS (KFDX/KJTL) — After much discussion among members of the 4A Board members, the old Stanley Tools building will soon house a new company.
Rise Capital has purchased the building with a $2.4 million price tag. They’ll be leasing it out to Pamlico Air, a manufacturing company that plans to hire 200 workers within the first year.
The Wichita Falls Economic Development Corporation has been putting money back into the building on Production Boulevard ever since its donation in 2016.
The sale is expected to close mid-December with a potential incentive package in the works for Pamlico Air.
“We made a proposal to them with some funding for training, some funding to help them get established here based on the number of jobs that they’re gonna create which is 200 initially and then a couple of other pieces like property tax abatement,” Wichita Falls Chamber of Commerce President and CEO Henry Florsheim said.
The city council will put the incentive package to a vote at next week’s meeting.
Depending on if the sale closes in mid-December, the company plans to be in production by March 2020.