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Banking Galderma, Smith & Nephew seek tax incentives

Galderma, Smith & Nephew seek tax incentives

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Galderma Laboratories LP and Smith & Nephew Inc. hope to secure tax incentives to help expand their Fort Worth facilities.

At the July 21 Fort Worth City Council meeting, officials learned details of proposals that would create more than 100 new jobs while saving the companies thousands of dollars in taxes.

“Fort Worth is competing with additional sites in New Jersey and New York City,” said Robert Sturns, the city’s economic and business development manager, in pre-council.

“We want to make sure we keep our existing home companies here, so we’re bringing forth this agreement for your consideration,” Sturns told the council.

Galderma Laboratories, which produces skin care products, hopes to secure tax breaks for a 100,000-square-foot addition to its north Fort Worth headquarters. The expansion could create at least 342 new jobs, according to David Berzina, executive vice president of economic development with the Fort Worth Chamber of Commerce.

The building, planned for the northeast corner of Texas Longhorn Way and Heritage Parkway, would house the company’s marketing, regulatory affairs, sales and training operations.

Under a 10-year incentive proposal, the firm would receive grants up to 50 percent of the incremental real and business personal property taxes of the project estimated at $13.8 million. The proposed deal is valued at about $635,000 over 10 years.

Galderma would be required to keep 280 jobs in Fort Worth and add 35 jobs by Dec. 31, 2016 and 65 more jobs by Dec. 31, 2021. Average pay for those positions would be $110,000 by 2020.

Meanwhile, Smith & Nephew hopes to secure a five-year, $250,000 incentive on the incremental real and business personal property taxes for a 55,000-square-foot building it plans to lease at Chisholm Trail Parkway and Clearfork Main Street. The London-based firm produces wound care and surgical products.

“They are looking to streamline and advance their operations here in Fort Worth,” Sturns said.

“This is another project in which we are in competition with other sites, with another site in Texas outside Dallas-Fort Worth and another site in Maryland also under consideration,” Sturns said.

The firm currently operates a wound management facility at 3909 Hulen St. as part of a division based in St. Petersburg, Fla.

Developing the Fort Worth building is Cassco Development Co. Under the incentive proposal, the firm would be required to keep 170 jobs in Fort Worth and add 20 new jobs by Dec. 31, 2016 and a minimum of 60 new jobs by Dec. 31, 2021. Average pay for those positions would be $85,000.

The City Council is expected to consider approving the incentives at its July 28 regular meeting.

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