GEDC rounds out busy 2011 with incentives package to attract oilfield manufacturing firm

Thursday, December 29, 2011

The GIddings EDC Board worked for over an hour in executive session on Monday, December 19th to hammer out an incentives package for an un-named oilfield manufacturing company that is looking for a place to call home.

The company, according to GEDC Director Joyce Bise, manufactures parts used in the oilfield fracing process. It also manufactures and distributes municipal and industrial flocculants and coagulants used to clean wastewater.

The project was presented to the Giddings EDC by Governor Rick Perry’s office. The company expects to create 6-10 jobs initially, and then add 10-30 jobs in the ensuing three to five year period.

The EDC Board voted to offer the company, whose code name is "Titan Son," rental assistance of $1,200.00 per month for one year, if it locates in Giddings. The company would also receive incentive money from the GEDC to equal part of the amount of sales tax it generates for the City of Giddings. This amount will be 50% of sales tax generated in the first year, 33% of the amount generated in the second year, and 20% of the amount generated in the third year.

This initiative rounded out a very busy year for the EDC. The Board also worked, in 2011, to create a viable Empty Buildings Program that has already helped businesses fill some to the buildings that were left vacant by the downturn in both the U.S. and Texas economy. 

Sales tax collections have risen steadily over the past several months in Giddings and that is a sign that the economy is on the upswing.  The Giddings EDC portion of sales tax collections, received in the month of October, was $46,206.58. This marked the 16th month in a row that collections for Giddings had rebounded over and above the same months in prior years.

Things are looking up for Giddings and the GEDC is taking a proactive approach to see that Giddings is a progressive place to do business in Texas.   

 Posted by Dana Lehmann GEDC Marketing Manager