Pickup truck cap maker considers Fort Worth factory; up to 250 jobs at $65,800
RSI SmartCap, a South Africa-based truck bed canopy company, is considering plans to build a plant in south Fort Worth. The City Council will vote Tuesday on whether to sweeten the pot.
The plant is expected to bring a minimum of 250 jobs paying at least $65,800. That is one of the conditions RSI is expected to meet if it wants to get a proposed tax break from the city.
Construction will also bring opportunities for minority- and women-owned businesses. The city will require that 15% of all construction costs go to businesses with at least 51% minority or women ownership.
RSI SmartCap makes modular truck bed canopies, meaning they can be more easily assembled than the standard single-body models. The caps are made with stainless steel instead of fiberglass. Each cap has five stainless steel pieces and ranges in price from $3,195 to $3,895.
The plant would be at 1501 Joel East Road. RSI plans to invest at least $2.5 million to improve an existing manufacturing plant, which the city expects will generate $55 million in taxable value once the project is completed.
To encourage the development, the city could extend RSI a five-year tax abatement that would knock 40% off its property tax bill if the company meets certain conditions.
Half of that tax break would come from increasing the total appraised value of the property to $55 million, up from $23.5 million. The other half would come from the staffing and minority- and women-owned business requirements.
If it meets those conditions, RSI would see a tax break starting in 2027. The benefit is capped at $737,508.
The council will vote at its 10 a.m. meeting on Tuesday.
This story was originally published November 29, 2021 at 4:17 PM.
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