Parker Hannifin Corp., a maker of motion and control technologies and systems, is considering consolidating and expanding its two Fort Worth operations to a new location in Mercantile Center in north Fort Worth.
The company is seeking a 10-year, 60 percent grant on the real and business personal property taxes for the proposed $25.5 million project at 4701 Mercantile Dr. The incentive would save the company $1.1 million and while the city would retain $749,500 in tax revenue during that time.
The company wants to renovate a 150,000-square-foot space, formerly used as a call center, for manufacturing and add 92,499 square feet of office space. The location is a former Sprint facility.
Parker Hannifin currently has locations at 220 Roberts Cut Off Road and 6000 Western Place, along Interstate 30 in west Fort Worth.
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The company is looking at other sites in Dallas-Fort Worth and Oklahoma, said Ossana Hermosillo, in the city’s economic development office.
As part of the incentive, the company said it would retain 525 jobs in Fort Worth, with 40 percent being Fort Worth residents and 20 percent of those central city residents, Hermosillo said. Salaries at Parker Hannifin average $37,000 to $70,000 annually.
The incentive also requires the company to hire Fort Worth contractors and suppliers, and Fort Worth minority and women-owned businesses. The incentive would be reduced if the commitment is not met. The council is scheduled to vote on the incentive Oct. 25.
Parker Hannifin is an $11 billion worldwide company that was founded in 1918 in Cleveland as the Parker Appliance Corp., according to its website. It has 61,000 employees in 49 countries.