W.L. Plastics Corporation is a for-profit corporation currently conducting business in the City of Lubbock. They are proposing an expansion project in the Lubbock Rail Port which would result in 95 new primary jobs with a target annual compensation of $5,130,000, or a total of $25,650,000 over five years. The total capital investment is estimated to be $40,000,000. The Lubbock Economic Development Alliance (LEDA) Board of Directors voted to incentivize W.L. Plastics with the following:
•25 acres of land in the Lubbock Rail Port, including 15 acres of rail-served land. The value of the non-rail land has an estimated value of $60,984 per acre, or $609,840, and the rail-served land has an estimated value of $67,518 per acre, or $1,012,770 for a total of $1,622,610.
The LEDA Board of Directors approved these incentives at their August 24, 2022 Regular Board Meeting, and recommend approval by the Lubbock City Council.
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