On December 13, 2016, (M&C C-28050) the City Council authorized the execution of a Tax Abatement Agreement (City Secretary Contract No. 48534) with Parker Products, Inc., (Company) for the construction of an 85,000 square foot corporate office and operations facility to be located at Northwest Loop 820 and Strawn Lane in the Lone Star Business Park. On December 5, 2017, (M&C C-28487) the City Council authorized an amendment to the Tax Abatement Agreement to allow for an extension of the completion deadline at the request of the Company. The Agreement as amended, required the Company to complete all required construction improvements and obtain a temporary certificate of occupancy by March 1, 2018.
Per the Agreement, the Company must invest at least $15 million in real property improvements and $2 million in business personal property on the site by March 1, 2018. The Company committed to maintain a minimum of 100 full-time jobs and create 30 full-time jobs at the site by December 31, 2018. A minimum of 60 percent of all jobs must be held by Fort Worth residents and at least 25 percent of those must be held by Fort Worth Central City residents.
All of the required construction improvements at the facility have been completed. However, due to unforeseen delays in the Company's completion of the project, the temporary occupancy was not issued until March 22, 2018. Failure to complete this requirement gives the City the right, but not the obligation, to terminate the Agreement. The Company acted in good faith to continue the project after the deadline and received the final certificate of occupancy on May 17, 2018. In order to receive its tax abatement, as anticipated by both Company and the City, the company has requested that the City consider amending the Agreement to extend the completion deadline to June 1, 2018. This request is acceptable to City staff.
This project is located in COUNCIL DISTRICT 7.