Fort Worth considers tax break for Lockheed Martin subcontractor
The Fort Worth City Council will consider a tax incentive for a Lockheed-Martin subcontractor to help the company provide more jobs.
Australia-based Marand employs 15 people at a location in Echo Heights.
It is looking to move to a larger plant at 2248 SE Loop 820, according to a City Council work session presentation.
The city’s economic development department is proposing to offer the company a 50% tax break on its property and equipment taxes over 10 years.
In exchange, the company will invest $31 million in a new facility and equipment and provide a minimum of 150 full-time jobs.
Those jobs should have an average annual salary of $80,000, according to the presentation.
This kind of agreement checks a lot of boxes for the city in terms of offering high quality, well paid jobs in industries like defense and aerospace, city economic development coordinator Cherie Gordon told the city council at an April 28 work session.
The incentive is expected to cost the city $934,000 over 10 years, but net the city the same amount in new taxes, Gordon said.
The Fort Worth city council will vote on the proposed agreement at its 6 p.m. meeting on May 12.
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