Brownwood City Council ratified action taken by the Brownwood Economic Development Corporation Board of Directors for an infrastructure and equipment incentive to VRC Technologies for up to $125,000.
VRC Technologies is a chemical manufacturing company that mixes and sells surfactants for the agricultural, oilfield, personal care, industrial and institutional, textile, metals and pharmaceutical markets. They are a start-up company that formed in 2012; however, the owners have extensive experience in chemical blending and will be bringing their expertise and customers with them to VRC, according to BEDC Director Emily Crawford.
The company has proprietary products and patients which are being used in the oilfield for fracing and are increasing in demand. VRC is requesting support from the BEDC for infrastructure and equipment including retooling of rail spur, paving, electrical upgrades, tanks and a boiler.The company plans on creating 5 jobs when the plant opens in the second quarter of 2013, of which three employees will be moving to Brownwood.
The terms of the agreement state that an infrastructure and equipment loan of up to $125,000 for a seven year term secured by personal guarantees by the company principles. Job creation credit of $2500 per full-time salary position (defined as at least $30,000/year) and $2000 per full-time hourly position (defined as at least $12/hour). Annual payments of $17,857 will be made to pay off the loan beginning April 1, 2014. Job credits are not to exceed $14,000 per year.
Crawford also reported that the BEDC was a sponsor of the Southwest Energy Summit recently held in Sweetwater. Crawford explained that she and Ray Tipton, Marketing Manager of the Brownwood Chamber of Commerce represented Brownwood as an excellent location for companies involved in the oil and gas market.
“We brought the message that Brownwood is in the middle of oil and gas, the geographic center of the state,” said Crawford. “From Brownwood, you are able to reach most of the oil and gas field in about three hours, to entice companies to locate to Brownwood because of its central location.”
Crawford stated that there have been drilling permits issued in Runnels county and it is not determined how far east the Cline Shale extends, because it really hasn’t been explored completely.
“We really don’t know, it’s not expected that it will reach Brown County, but it may affect our housing market,” said Crawford.
Pictured above: BEDC Director Emily Crawford shares information at the summit from the Brownwood booth at the 2013 Southwest Energy Summit held in Sweetwater on March 20 & 21.
