Incentive: A forgivable loan of $250,000 was to be provided in three payments.
Today: Sentry was provided $200,000 and now is being asked to repay $100,000 after it failed to meet its job target by about 20 positions. The final $50,000 agreed to in the contract never was paid.
Midland Memorial Hospital
Contract signed: Dec. 17, 2007
Jobs: No set number was agreed to.
Incentive: The MDC agreed to provide up to $350,000 every year for up to three years to assist the hospital in its recruitment of new physicians. The contract was amended in 2010 to allow the hospital to use the $223,844.42 that was not spent at the end of fiscal year 2010 on recruitment during 2011. Funds were used for travel costs and fees paid to recruiters, among other related costs.
Today: Midland Memorial Hospital utilized the full $1.05 million and recruited 34 doctors over a period of four years, said Russell Meyers, president and CEO.
Air service incentive program:
Contract signed: June 11, 2008
Incentive: The city and the MDC each agreed to pay $100,000 to Midland International Airport's Service Incentive Program
Contract signed: July 23, 2008
Infrastructure investment: The MDC agreed to provide $329,661.82 to HPG in exchange for the company removing and relocating electrical facilities related to the demolition of the First National Bank and Metro buildings. The intent was to improve the city block and, in turn, promote expansion or development of businesses there.
Natural Gas Services
Contract signed: April 9, 2009
Jobs: NGS agreed to add 10 employees at its space downtown with salaries of at least $380,000 by December 2010. At its fabrication facility, it agreed to add 39 new employees at total salaries of $1.5 million. The time requirement for both benchmarks was pushed back to 2012 through an amendment passed in March 2010.
Investment: The company agreed to invest at least $500,000 at its downtown property and $4 million at its second property on equipment, land or other improvements.
Incentive: A forgivable loan of $275,000 was to be provided in two payments.
Today: NGS has until the beginning of 2012 to report its employment.
Contract signed: June 16, 2009
Infrastructure investment: Permian Plaza LLC., a wholly owned subsidiary of Basic Energy, agreed to invest $15 million in the renovation of a downtown building and parking structure. Basic Energy had agreed to leave 75 parking spaces for non-tenants. Between the building's tenants, it also agreed there would be 50 employees in the facility.
Incentive: A $2 million forgivable loan was to be provided in two installments.
Today: The agreement was rescinded so Basic could sell its facility. The $1 million it had received was repaid to the MDC.
Garfield Street extension
Contract signed: Aug. 3, 2009
Infrastructure incentive: The MDC agreed to provide $1,789,800 to the city for the extension of Garfield Street to Interstate 20. The project was estimated to cost $5.525 million. The Texas Department of Transportation provided $1.6 million toward the project. The extension was approved to help provide better access to Midland Memorial Hospital and to promote commercial and industrial development in that area.
Most Popular Stories
- 2014 Will Be 'Breakthrough Year' for U.S., Obama Says
- Climate Change Isn't an Equal Opportunity Destroyer
- Renewable Energy Group to Acquire Syntroleum
- Ally Financial Settles Auto Loan Suit
- Kanye, Kardashians and Other Kooks: A Wacky, Tacky, Entertaining Year
- Covered California Lags on Hispanic Enrollment
- Luis Suarez Re-ups With Liverpool F.C.
- Chris Christie Set to Sign Tuition Aid Bill
- Little Risk of Deportation Under Obama
- Time No Longer Stands Still for Cuban Entrepreneurs