City of Fort Worth Business Development Coordinator Carol Griffith addressed the City Council during its work session Jan. 29 concerning a possible tax abatement agreement with Stanley Black & Decker.
The Fortune 500 company, founded in 1843, manufactures tools, power tools, mechanical access systems, and various industrial projects. They are seeking to consolidate manufacturing and move from their Farmer’s Branch location to the Fort Worth area or Dayton, Ohio.
“They are a manufacturing business, and that’s one of our targeted industries,” Griffith said.
Griffith said the Farmer’s Branch plant employs 326 workers full-time. The move to Fort Worth, she said, would add 199 more jobs at an average pay of $45,234.
The company wants to add a third manufacturing line, and the current location doesn’t have the room. The proposed site in Fort Worth would be east of Interstate 35W at Eagle Parkway and North Beach Street.
As their part of the five-year agreement, Stanley Black & Decker would:
*Invest $30 million to construct a 375,000 square foot plant by Dec. 31, 2020.
*Create $50 million taxable value in business personal property projects, the first $40 million by Jan. 1, 2021, and the next $10 million in place by Jan. 1, 2022.
*The Minority/Women Business Enterprise participation goal will be set by the Fort Worth Office of Business Diversity for hard or soft construction jobs.
*Have at least 500 full-time jobs with an annual average salary not less than $43.992.
*Failure to meet the M/WBE goals or document a good faith effort will result in a 10 percent reduction of the total eligible incentive.
Griffith said the tax revenue for the City of Fort Worth during the abatement term is estimated to be over $1.6 million.
Griffith said she is going to call for a public hearing at the Feb. 5 council meeting to create a reinvestment zone. At that same meeting, an item is expected to be on the agenda on which the council will vote.