| Item Title: | Economic Development Chapter 381 Project Forester | | Submitted By: | Betsy C. Keller, CM, Chief Administrator, County Administration Department (915) 546-2215 | | Subject: | Approve and authorize the County Judge to sign a Chapter 381 Economic Development Agreement with Project Forester. (Contract No. 2017-0909) | | Background: | Foster Electric (U.S.A.), Inc. manufactures subwoofers, and assembles speaker systems, headphones, microphones, and related audio components for the consumer electronics and automobile markets. Foster Electric is proposing to expand its existing operations in El Paso, TX. The expansion will include a highly automated manufacturing line to its existing distribution center in El Paso for speakers that are currently manufactured overseas.
The company will be investing $4,253,800.00 for this project, will create 40 new full time position and retain 32 existing full time positions.
| | Fiscal Impact: | Foster Electric qualifies for:
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75% of incremental property tax rebate - $17,815.74
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75% personal tax rebate - $72,149..32
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Maximum cap of $89,965.05 million
| | Recommendation: | Approve and authorize the County Judge to sign a Chapter 381 Economic Development Agreement with Project Forester. (Contract No. 2017-0909) | | Prior Action: | October 22, 2018 - Executive Session | | Strategic Plan: | .. | | Strategic Plan Information: | |
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