The city of Fort Worth is competing with three states to land a Carrier Global Corporation manufacturing plant.
During the Sept. 15 regular meeting, City Council approved an ordinance creating a tax abatement reinvestment zone and nominated the project for a Texas Enterprise Zone designation in an effort to lure the proposed $433.8 million project to Fort Worth.
The context: Carrier is a multinational company that manufactures heating, ventilation, air conditioning (HVAC) and refrigeration systems, according to its website.
The city is offering a seven-year tax abatement of 60% on real property and business personal property, valued at $10.9 million, and will nominate the company for a $2.5 million Texas Enterprise Zone grant.
The city would receive $7.3 million in net new taxes, according to the presentation.
What else? The company would need to bring 495 jobs by Dec. 31, 2029, with a minimum average salary of $75,000. There will be $261.7 million in estimated additional payroll over the seven-year term, Brown said.
If Carrier fails to meet minimum capital investment, full-time job commitment or minimum average annual salary, it could forfeit or default on the abatement.