AMARILLO, Texas (KAMR/KCIT) — The Amarillo City Council approved two economic development-related items during Tuesday’s regular meeting that will ultimately result in a new business coming to Amarillo.
During Tuesday’s regular meeting of the Amarillo City Council, the council approved two agreements to bring Coast Packing Company – South to east Amarillo. The location incentive agreement was between the Amarillo Economic Development Corporation and the company and the tax abatement agreement was between the Amarillo EDC, the company and the city of Amarillo.
According to the agenda transmittal memo which accompanied the Oct. 25 City Council agenda, Coast Packing – South is looking to construct a new food manufacturing facility that will ultimately produce beef oil. The facility is expected to be located in the Centerport Business Park, located at 2300 North Loop 335 East.
Some of the highlights of the project provided by the Amarillo EDC include:
- $30 MM estimated improvements and equipment;
- 60 new employees projected;
- $3,300,000 new annual payroll projected;
- Incentive of $720,000 for job creation paid over 10 years as they are created;
- Conveyance of 30.03 acres in Centerport Business Park.
According to the agenda transmittal memo, the location incentive agreement gives the Amarillo EDC the opportunity to provide Coast Packing – South with $720,000 for creating up to 60 full-time employees. The agreement also gives the corporation the opportunity to convey 30.03 acres of land in the business park with a value of $1,200,000.
For the tax abatement agreement, the City Council approved an abatement on future taxes on the construction and equipment costs of the facility, ultimately recommending an 80% abatement for eight years for the business.
Kevin Carter, the president and chief executive officer of the Amarillo EDC, said the company recently celebrated its 100th anniversary and is under fourth-generation ownership. The Amarillo EDC has been working on this for three years.
“They were interested,” Carter said. “They were looking at several locations across the country and (we’re) very fortunate that they picked Amarillo, hopefully for their next manufacturing site.”
Carter said the Amarillo EDC has to go through a few more processes before these agreements are complete, including going to the Potter County Commissioners and the Amarillo College Board of Regents. But after the approval process, Carter said they are expected to start soon on construction.