Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas Approving an Economic Development and Performance Agreement by and Between the Mansfield Economic Development Corporation ("MEDC") and Hub-Tech LTD and Authorizing its Execution by the President of the MEDC and Providing an Effective Date
Requested Action
Approve Economic Development Agreement
Recommendation
Administration recommends approval of the Agreement
Description/History
Dura-Tech Processes, Inc. (the operating companyof Hub-Tech LTD) a twenty-three year old Mansfield company is expanding their operations with a 54,000 sq. ft. facility on a 2.5 acre site they own located at 109 N. Sentry Drive which is across the street from their current location where they occupy 30,000 sq. ft. The company which has developed a premier patented anti-corrosion plating process for pipe used primarily in the oil and gas industry will invest $4,300,000 in the construction of the new facility plus $1,500,000 in new Business Personal Property with an additional $500,000 of BPP being added in year three of operations. The company will employ 20 full-time workers initially and be at 45 full-time workers in 5 years.
Justification
Annual Direct Benefit to the Community :
City Property Tax : $41,180 / yr.
MISD : $86,768 / yr.
Johnson County : $22,011 / yr.
Funding Source
Mansfield Economic Development Corporation
Prepared By
Pat Jamison , Business Retention Expansion Manager, MEDC