The Council also approved a Texas Enterprise Zone Nomination for TTI, Inc. This adds potential local incentives that can be made to qualified businesses. It is an economic development tool for local communities to partner with the state to promote job creation and capital investment in economically distressed areas of the state.
TTI, Inc. is a distributor of passive, interconnect and electromechanical components.
An enterprise project is defined as a business that is nominated by
a municipality or county and then approved for state benefits. Designated projects are eligible to apply for state sales and use tax refunds on qualified expenditures. The level and amount of refund is related to the capital investment and jobs created at the qualified business site.
The new TTI distribution center is a $74.5 million investment in a 610,000 square foot facility. The facility located at 3737 Meacham will house the company’s North American warehouse, assembly, and distribution facilities.
The investment will include $51.5 million in real property and $23 million in business personal property.
The investment will result in the creation of at least 10 new jobs, and retention of approximately 700 jobs.
TTI could be eligible for a maximum refund of $2,500 per job (up to 500), distributed over the five-year designation period. The maximum potential refund TTI could receive is $1,250,000 over the five-year span.
Under the Texas Enterprise Zone Act at least twenty-five percent of the business’ new or retained employees will be residents, economically disadvantaged individuals or veterans. In addition, the jobs will be provided through the end of the designation period or at least three years after the date on which a state benefit is received, whichever is later.