Pure Renewables USA, LLC (Company) is a new company that will process post industrial waste streams through patented processes into rejuvenated products that can be utilized in place of virgin materials in consumer products manufacturing. The Company plans to lease a new, approximately 807,380 square foot manufacturing and office facility at 1400 Intermodal Parkway from Westport Park No. 18, Ltd. (Landlord). Company will make at least $9,500,00.00 in real property (exclusive of land costs) by December 31, 2017. The Company will install new taxable business personal property with a value of at least $257,300,000 as of January 1, 2018. This business personal property must maintain a minimum value of $250,000,000 inclusive of depreciation (as determined solely by the Tarrant Appraisal District or appraisal district having jurisdiction over the property at that time at the operation of the facility) for the term of the Tax Abatement Agreement recommended by Staff. The Company will also create 50 new full time jobs on the property by December 31, 2017 and 320 additional new full time jobs on the property by December 31, 2020, for a total of 370 full time positions. The Company will fill the greater of 25 percent or 93 of the full times jobs with Fort Worth residents and the greater of 15 percent or 56 of the full time jobs with Fort Worth Central City Residents (with the understanding that employment of Fort Worth Central City residents will also count as employment of Fort Worth residents.) The Company will spend the greater of 35 percent or $300,000.00 in annual discretionary service and supply expenses with Fort Worth companies, and the greater of 20 percent or $200,000.00 in annual discretionary service and supply expenses with companies that are Fort Worth Certified Minority/Women Owned Business Enterprise companies In return, the City will grant a 35 percent tax abatement on the incremental increase in value of personal property improvements for a period of five years. The Company must meet specific construction spending, annual employment and annual supply and service spending commitments in order to achieve the maximum amount of potential incentive for each abatement year. Except for cases of default, failure to meet a particular commitment will result in a reduction to the grant amount that the Developer is entitled to receive in a given year based on the value assigned to the commitment in accordance with the following chart:
Property Owner or Company Commitment | Potential Abatement | $9.5 million in Real Property Investment and $257.3 million I Personal Property Investment (Base Commitment) | 10 percent | Overall Employment | 5 percent | Employment of Fort Worth Residents | 5 percent | Employment of Fort Worth Central City Residents | 5 percent | Spending for Services and Supplies with Fort Worth Companies | 5 percent | Spending for Services and Supplies with Fort Worth Certified M/WBE Companies | 5 percent | Total | 35 percent |
This project is located in COUNCIL DISTRICT 7. |
