WICHITA FALLS (KFDX/KJTL) — The Wichita Falls Chamber of Commerce is touting the success of a new cash for jobs initiative designed to bring businesses to the area.
The 4A Board has announced that it has amended it’s incentive agreement with Panda Biotech.
Its a hemp processing company with plans to open a processing facility downtown in the old Delphi building.
Vice President of Business Attraction David Leezer said the agreement is a testament to the initative’s success.
“It’s a unique program we have created where will reward a company for hiring Wichita [Falls]-based residents to come work for them. With us, we’ve basically said for every resident you hire here, we’ll give you $7500 dollars. It really protects the taxpayer’s dollar in a number of ways,” Leezer said.
In order to receive the money, Panda Biotech will have to prove that each employee has worked for the company for a period of at least six months.
This agreement is set to go before the board for approval next Tuesday.