CoNetrix, LLC is a for-profit company currently conducting business in the City of Lubbock. They are proposing to build a new headquarters facility, where they will create 15 new jobs with an average annual salary of $65,000. The total capital investment in the project is estimated to be $15,300,000. The Lubbock Economic Development Alliance (LEDA) Board of Directors voted to incentivize CoNetrix, LLC with the following:
• Capital Investment Incentive of $150,000 upon receiving a Certificate of Occupancy on the new building;
**Should the capital investment expenditures fall more than twenty percent (20%) below the estimated investment amount, the capital investment incentive will be reduced by $10,000 for every $500,000 below $12,240,000.
The LEDA Board of Directors approved these incentives at their April 25, 2023 Regular Board Meeting, and recommend approval by the Lubbock City Council. |