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Friday, April 16, 2021

City looks at tax abatement for former S&H Green Stamps building

Robert Francis

rfrancis@bizpress.net

The long-vacant former S&H Green Stamp building on West Seminary Drive may get renewed life as a manufacturing facility if the city approves incentives for the site.

NT Window Inc., a windows manufacturer located in an unincorporated area of southern Tarrant County, is seeking an incentive worth up to $660,000 to help bring the building up to current energy code and fire, land and stormwater requirements and is updating the dock height, according to a city report.

The company plans to invest at least $5.6 million in total construction costs, plus land acquisition costs and $3.8 million in business personal property by the end of 2019. The company has 130 full-time employees with an average wage of $18.33 per hour and expects to add 30 new jobs, with the potential for 175 more jobs in a few years, according to the city report.

The property is being sold by HGC Development and the building renovations will be managed by Innovative Developers Inc. (IDI). IDI also worked with NT Windows to find the property and represented it in the land purchase. American National Bank Mansfield did the financing with banker Jake Hardin handling the deal. Eric R. Walsh with Giordano, Wegman, Walsh and Associates was the seller’s agent and Nick Karanges with IDI was the buyer’s agent.

The property is located at 2900 West Seminary Drive and was built in 1958 as an S&H Green Stamp distribution center. A redemption center was added to the front of the building later. Green Stamps were a consumer reward program that operated from the 1930s until the late 1980s. The build has been used by a variety of companies since S&H Green Stamps closed in the 1980s. It has been vacant for six years.

NT Window is an $11 million company founded in 1990 that makes vinyl replacement windows.

The economic development agreement with the city will reimburse 60 percent on the city’s 1 percent sales tax which will be all new to the city of Fort Worth for six years, capped at $660,000 total gross, according to the presentation to the council.

The property is owned by Total E&P USA Real Estate LLC and was previously owned by a division of Chesapeake Energy.

City staff made a presentation on the project to the Fort Worth City Council at its Jan. 23 meeting and the council is expected to vote on the project at its Jan. 30 meeting.

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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