Panda Biotech to receive incentive for hiring local residents

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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.

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