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Wichita Falls city councilors will consider giving Sealed Air Corporation a $3 million loan when the panel meets on Tuesday.
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The packaging company with two locations in the area wants the money to potentially upgrade its facility in Iowa Park and hire more workers.
Sealed Air wants a forgivable loan to be paid out over two years and forgiven after seven years if it retains its current 800 employees and adds 25 new ones, each of whom it projects will be paid $52,000 annually.
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The city’s Economic Development Corporation signed off on the deal in December.
The company, which specializes in food packaging products, was formerly known as Cryovac and has been in business in Iowa Park since 1974.
The EDC will also ask councilors for $1 million to buy the mineral rights at the city’s business park. The EDC bought the land 20 years ago but not rights to the minerals beneath it.
The EDC wants the mineral rights to convey to potential land buyers in the park in the future.
Other items on the council’s agenda Tuesday include accepting grant money for a narcotics incinerator for the Wichita Falls Police Department and for the Women, Infants and Children program at the health district.
Spending $73,000 for new roll-out waste carts is also on the agenda.
Austin Cobb will join the panel as the new at-large councilor. He won the spot after beating Sam Pak in a runoff election on Dec. 14.
Nguồn: https://marketeconomy.monster
Danh mục: News