Dura-Line is a for-profit corporation expanding their business in the City of Lubbock. They are proposing a project in the Lubbock Business Park which would result in 141 new primary jobs with an average salary of $59,000 per year. The total capital investment is estimated to be $52.5 million. The Lubbock Economic Development Alliance (LEDA) Board of Directors voted to incentivize Dura-Line with the following;
• Conveyance of approximately 3.013 acres of land in the Lubbock Business Park (Section 7, Block A);
•Job creation incentives of $5,000 per job for each full time job created and maintained, to be paid at the rate of $1,000 per-year over a 5-year period, with an estimated maximum value of $705,000;
•Capital Investment incentive of $1,000,000, to be paid only if the City and County do not provide a tax abatement to the company; and
•Relocation Grant of $50,000 for assistance with the recipients' relocation strategy.
The LEDA Board of Directors approved these incentives at their April 25, 2023 Regular Board Meeting, and recommend approval by the Lubbock City Council. |