Incentive: A $70,000 forgivable loan was provided in December 2003.
Today: Production at the Midland location has closed and the company now has fewer than 50 employees here, staff said.
Contract signed: Nov. 25, 2003
Jobs: The company, which had 18 employees in Midland, was to create 10 additional jobs by November 2004. Total payroll was to reach at least $722,200 by November 2004.
Investment: TMP agreed to spend at least $600,000 purchasing and improving its property near the Midkiff Industrial Center.
Incentive: The MDC provided a $50,000 forgivable loan in December 2003.
Today: The full 28 employees were still on staff in 2005 as required.
Contract signed: July 13, 2004
Jobs: Cintas agreed to add 12 employees to its staff of 26 and increase its payroll by at least $217,000.
Investment: Cintas also agreed to spend $950,000 on land, equipment and other capital investments.
Incentive: The MDC agreed to provide a $12,500 forgivable loan up front and an additional $12,500 by January 2006. The contract was amended in November 2005 to allow the company another year to create its 12 jobs. Employees still had to be on staff through 2008, according to the contract.
Today: Cintas now employs about 30 partners at its Midland office, a spokeswoman said.
Contract signed: July 13, 2004
Jobs: Novastar was to create 10 additional jobs at a payroll of $392,000 by November 2005.
Investment: Novastar agreed to improve the street infrastructure and drainage on Wolfcamp Circle and Mulberry Lane and also was to invest $950,000 for the purchase of land, equipment and other capital investments.
Incentive: A $70,000 forgivable loan was provided in two payments for the extension of water lines and improvements to street infrastructure. The second payment was provided after the city verified such improvements had been made.
Today: Novastar has around 30 employees now, having tripled its requirement since 2005, staff said.
W. Power and Light
Contract Signed: Nov. 30, 2004
Jobs: To create 23 by 2007 at a payroll of $1 million. The requirements were amended in 2006 to 14 employees at a payroll of $700,000 by 2008.
Incentive: A forgivable loan of $130,000 to be paid in three installments was agreed upon.
Today: The agreement was rescinded in June 2007 when the company reported the "volatile" electricity industry necessitated it proceed with more caution in its growth. It repaid the MDC$35,000, the total it had already been provided.
Midland Community Development Corp.
Contract signed: July 1, 2005
Development agreement: The MDC previously had transferred $50,000 to the MCDC for business development. The MCDC agreed to help the MDC with a small business micro-lending program for one year in exchange for that $50,000.
Today: David Diaz, MCDC executive director, said the agreement lasted only for that one year. A small business loan was provided to Susie's South Forty. No other small businesses were assisted through the program during the agreement, he said.
Contract signed: Sept. 13, 2005
Jobs: UT Lands agreed to create 16 jobs by 2006 at a payroll of at least $800,000. The contract was re-signed in 2007 and required the jobs by August 2007. The jobs have to be maintained through the fifth anniversary of the 2007 contract.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women