MDC leaders said in Texas, this is how the game is played. Without an economic development corporation, Midland would not be a competitor.
Agreeing with James and others, Hatley said economic development is a long process and one in which they continue to make progress.
"Economic development efforts are a long-term, ongoing, day-to-day process," Hatley said. "Have we done anything of note? In some people's eyes, yes, and in some people's eyes, no."
Kathleen Thurber can be reached at firstname.lastname@example.org.
Contracts entered into by the Midland Development Corp.:
Contract signed: April 5, 2002
Jobs: Agreed to create 490 jobs by 2006 (three contracts were signed that increased the total as Accutel indicated it would continue to grow)
Investment: Accutel agreed to lease a space on Marienfeld Street for five years and invest a total of $2.8 million. (The investment commitment was made through the first contract and amendments that upped the total as the company grew).
Incentive: $439,500 was provided through three different economic development contracts.
Today: All stipulations of the contract were met by the fifth anniversary as required, though staff levels did fall after that.
C.C. Western Inc.
Contract signed: Oct. 22, 2002
Jobs: Agreed to house three employees at a gross payroll of $100,000 or more at its location near Midland International Airport.
Investment: The company agreed to lease from the city facilities at the airport for at least four years. The city was to be paid a rate of $1,500 per month.
Incentive: C.C. Western Inc. had the ability to add truck wells and bay doors to the facilities it leased in exchange for a rebate on rental costs. The rebate could not exceed $30,000 and improvements had to be completed by December of 2002 to be eligible.
Endura Products Manufacturing
Contract signed: Jan. 13, 2003
Jobs: Endura agreed to add 10 positions.
Investment: Endura agreed to invest $500,000 in equipment and improvements at its oil field chemical manufacturing plant and add water and sewer lines.
Incentive: The MDC was to pay $50,000 to go toward the addition of water and sewer lines. The money was to be repaid if the 10 jobs weren't added.
Today: The contract was canceled in December 2003 and the MDC was paid back $21,269.45, which is all it had paid to Endura at that time.
Submersible Oil Pumping Services
Contract signed: April 22, 2003
Jobs: SOS agreed to have 26 positions in Midland at a payroll of at least $1,165,452 by April 2004. When the contract was signed it had 13.
Investment: SOS was to spend $240,000 at the property it leased on Commerce Drive.
Incentive: A forgivable loan of $50,000 was provided in June 2003 and an additional $30,000 in June 2004.
Today: SOS more than fulfilled its obligation during the length of the contract.
Big Tex Trailer Manufacturing
Contract signed: Nov. 25, 2003
Jobs: Big Tex agreed to create at least 20 new jobs. Before the contract was signed, the company already had 197 employed.
Investment: The company anticipated spending more than $240,000 on its property near Interstate 20 during the first year of the contract.
Most Popular Stories
- American Airlines, US Airways Complete Merger
- Dell Offers Undisclosed Number of Employee Buyouts
- ACA Delay Stresses Small Businesses
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- General Dynamics Plans 200 New Jobs in N.M.
- Unemployed Wait as Lawmakers Debate
- Authorities Close to Deal with JPMorgan Chase over Madoff Response
- Questions Remain in Jenni Rivera's Death
- U.S. Stocks Rise on Sysco Acquisition
- Tech Giants Call for Controls on Government Snooping