The city of Fort Worth is working to help a couple of major companies expand and maintain more jobs in the area.
Ryder Integrated Logistics, Inc. is considering an expansion of its facility in Fort Worth, and the city is competing with a site in Michigan for the expansion. The council Tuesday night approved an incentive to retain the current 347 jobs and create 200 new jobs over the next few years.
Fort Worth Economic Development Director Robert Sturns said the cost of the expansion is estimated at $5 million, and the value of the incentive is estimated at $65,000 over a seven-year period.
“The incentive will provide a partial rebate of the new taxes generated by the expansion as long as Ryder meets all commitments under the agreement,” Sturns said.
In its pre-council meeting work session on Oct. 18, the council heard a presentation on a proposed economic development program agreement with Parker Hannifin Corporation for consolidation of operations into a divisional headquarters facility at 4701 Mercantile Dr. Sturns said this is similar to the Ryder deal.
Parker Hannifin is planning a consolidation of its operations and is considering sites in the Dallas-Fort Worth area and Oklahoma. In order to retain 525 jobs, the city is proposing a partial rebate of new taxes generated by investment in the new facility.
Sturns said the planned expenditure is $25 million, and the estimated value of the incentive is $1.1 million over 10 years.
“This would equate to a 60 percent rebate on the new taxes generated by the new investment,” he said.