A. Lee Graham
On Tuesday, the Fort Worth City Council approved an $180,000 tax incentive for PennyMac Financial Services Inc. as it plans to expand its Fort Worth presence. By 7-0 vote, the council approved the deal. District 2 Councilman Sal Espino did not attend the meeting. District 4 Councilman Danny Scarth was not in council chambers when the vote occurred. PennyMac, also known as Private National Mortgage Acceptance Co. LLC, is a national financial services firm specializing in residential lending and loan servicing. It plans to lease 125,000 square feet at 14800 Trinity Blvd. in East Fort Worth for a new financial services facility.
The newly approved deal, a 380 agreement, requires the company to invest at least $1.5 million in real property improvements at the site and have at least $1.8 million in non-inventory business personal property at the site by Dec. 31, 2014. As part of the deal, PennyMac must spend at least 25 percent of all construction costs in site improvements with Fort Worth companies and spend at least 25 percent of all construction costs with Fort Worth women- and minority-owned businesses. The company will also be required to hire at least 150 full-time employees at the site by Dec. 31, 2014, and at least 600 full-time employees on the property by Dec. 31, 2015, and through the rest of the 10-year term. At least 20 percent of all full-time employees must be Fort Worth residents, with 12 percent of those living in the central city area.