The Fort Worth City Council on Feb. 5 voted to approve a tax abatement with Stanley Black & Decker, along with the creation of a tax abatement reinvestment zone.
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.
The Farmer’s Branch plant employs 326 workers full-time. The move to Fort Worth 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.
“That a good thing. There’s a lot of jobs connected to that,” District 7 Councilman and Mayor Pro Tem Dennis Shingleton said. “They’re trying to move all of their production back to the U.S.”
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.
The tax revenue for the City of Fort Worth during the abatement term is estimated to be over $1.6 million.
The term of the tax abatement reinvestment zone will be five years and may be renewed for periods not to exceed five years each.