HomeMy WebLinkAboutIR 10065 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10065
To the Mayor and Members of the City Council November 14, 2017
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*a SUBJECT: AMENDMENT TO TAX ABATEMENT AGREEMENT WITH PARKER
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PRODUCTS, INC. TO EXTEND THE COMPLETION DEADLINE
On December 13, 2016 (M&C C-28050) the City Council authorized the execution of a Tax
Abatement Agreement (City Secretary Co. 48534) with Parker Products, Inc. (Company) for the
construction of an 85,000 square foot corporate office and operations facility to be located at
Northwest Loop 820 and Strawn Lane in the Lone Star Business Park. Per the Agreement, the
Company must invest at least $15 million in real property improvements and $2 million in
business personal property on the site by December 31 , 2017.
The Company committed to maintain a minimum of 100 full-time jobs and create 30 full-time jobs
at the site by December 31, 2018. A minimum of 60% of all jobs must be held by Fort Worth
residents and at least 25% of those must be held by Fort Worth Central City residents.
Due to record rainfall in the summer of 2017, the construction schedule had to be pushed out, as
noted in a letter received by Economic Development from HWH Group. In order to fulfill the
commitments of the Agreement, the Company has requested a revised completion deadline of
March 1, 2018.
Staff will place an M&C for City Council consideration on the December 5, 2017 agenda,
recommending that the completion deadline be revised to March 1 , 2018.
If you have any questions concerning this information, please contact Robert Sturns, Economic
Development Director at 817-212-2663 or robert.sturns@fortworthtexas.gov.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS