PARKER PRODUCTS ABATEMENT AMENDED
On Aug. 14, the Fort Worth City Council approved an amendment to a tax abatement agreement with Parker Products, extending the deadline for completion of a corporate office and operations facility in Lone Star Business Park.
The council authorized the original agreement in December 2016. After an earlier amendment, a temporary certificate of occupancy was to be received by March 1, 2018.
All of the required construction improvements at the facility have been completed. However, due to unforeseen delays in the company’s completion of the project, the temporary certificate was not received until late March and the final certificate of occupancy was received on May 17.
Failure to complete this requirement gave the city the right to terminate the agreement. However, city officials determined the company acted in good faith to continue the project after the deadline.
In order to allow the company to receive the tax abatement, the city amended the agreement to extend the completion deadline to June 1, 2018.
“The extension just allows them to be in compliance with the terms of the agreement so they are not in default,” Economic Development Director Robert Sturns said.
Parker Products Inc. is building an 85,000-square-foot corporate office and operations facility at Northwest Loop 820 and Strawn Lane.
Parker was required to invest at least $15 million in real property improvements and $2 million in business personal property on the site. It also committed to maintain a minimum of 100 full-time jobs and create 30 full-time jobs at the site by Dec. 31. A minimum of 60 percent of all jobs must be held by Fort Worth residents, and at least 25 percent of those must be held by Fort Worth Central City residents.