The Brownwood City Council ratified financial incentives for the 3M Company of Brownwood for an amount up to $400,000.
The Board of Directors for the Brownwood Economic Development Corporation approved the action at their last meeting & Executive Director James Campbell presented the incentive information to the city council on Tuesday.
“It is a combination of technological upgrade of the manufacturing equipment and also continuing to add new products to our local manufacturing facility,” Campbell said. “As a result, the company is spending multiple millions of dollars in capital investment and creating a number of new full time jobs.”
3M will be given a credit for each full time position created at the rate of $2500 for each job. The incentive is to be paid over a five year period for an amount not to exceed $80,000 each year. The incentive will take effect November 1st, 2010.
Brownwood City Manager Bobby Rountree said, “What this says to me is that 3M continues to invest here in Brownwood when they could invest in other places so I think this is a good sign for us.”
The Brownwood City Council unanimously approved the incentive.
In other City Council Business on Tuesday:
-The city council passed a pair of resolutions to accept grant fund from a pair of programs. One is from the Energy Efficiency and Conservation Block Program and the other is from the Texas Transportation Enhancement Program. The city is working on applying for these grants.
-The council accepted a Quit Claim Deed from TNW Corporation for a parcel of land used for dranage.
-The council approved a resolution that declared old water meters as surplus property and intends to sell or trade them towards the purchase of new meters.
-Approved Mayoral appointments to the Library Board of Jack Davis, Jan Golub, Bobby Jo Hubbard, Clay Riley, Pat McGhee, and Bobbie Jo Simms.
-City Manager Bobby Rountree reviews a letter from Rotonics stating that they are dissolving that company. This will cost the city about $12,000 to $14,000 annually in taxes. Approximately 22 employees were affected, but have since found other jobs.
