In its work session this week, the Fort Worth City Council heard a presentation on a proposed tax abatement agreement with Pure Renewables USA LLC for development of a new manufacturing facility at 1400 Intermodal Parkway in the Alliance area.
Pure Renewables USA LLC is a new company that will process post industrial waste streams through patented processes into rejuvenated products that can be used in place of virgin materials in consumer products. Customers include Fortune 500 companies that make products such as wet wipes, coffee filters, bandages and more.
The company was originally committed to Port Arthur but was unable to obtain a facility large enough to meet customer commitments. It conducted a multi-state site search in Texas, Georgia and Oklahoma.
The proposal is a five-year incentive with a 35 percent tax abatement on business personal property.
The company is interested in a 20-year lease on an 807,380-square-foot LEED-certified facility on 46.09 acres that will include warehouse, corporate office and manufacturing space.
The Fort Worth facility will have eight lines of fiber with all eight recycling textile scraps into cotton and rayon yarn, rayon fiber and cotton powder.
The capital investment commitment will be $266.8 million in real and business personal property by Dec. 31, 2017. The company will also commit to creating at least 370 full-time jobs by Dec. 31, 2020, including 25 percent for Fort Worth residents and at least 15 percent for Fort Worth central city residents. Pure Renewables also plans annual spending on supplies and services of at least $300,000 with Fort Worth companies or the greater of $200,000 with Fort Worth minority- or women-owned business enterprise companies.
Failure to meet minimum investment will result in default. Failure to meet other commitments will result in a reduction of the corresponding incentive for that year proportional to the amount the commitment was not met, or for the duration of the abatement in the case of construction commitments.
The item could come up for a public hearing and council vote at the next meeting on Dec. 13.