Join The Discussion

 

Obama calls for offshore drilling in Southeast

WASHINGTON — The Obama administration on Tuesday outlined a politically fraught plan for allowing oil and gas drilling offshore along parts of the Atlantic coast while imposing new restrictions on environmentally fragile waters off northern Alaska.

read more >

Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

read more >

Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

read more >

Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

read more >

Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

read more >

 

Fort Worth ahead in job creation, contracting from incentive agreements

By Scott Nishimura
snishimura@bizpress.net

Companies that have received financial incentives from Fort Worth were ahead of their commitments for job creation, local construction, supply and services spending, and minority and women-owned enterprise contracting through 2013, the city said in an annual internal audit.

In an audit of 43 agreements, companies receiving incentives created 9,195 jobs through 2013, well above the 3,585 they committed, Robert Sturns, the city’s business recruitment and retention manager, said.

Against their commitments to hire central city residents in Fort Worth - inside Loop 820 - the companies created 1,259 jobs, compared to 1,167 they committed to.

On construction spending with Fort Worth contractors, the companies spent $499.4 million through 2013, compared to $262.7 million committed, the audit said.

On local goods and services spending, the companies spent $20.1 million, compared to $14.3 million committed, the audit said.

On spending with minority and women-owned construction contractors, the companies spent $285.9 million, compared to $196.4 million committed.

On goods and services spending with minority and women-owned firms, the companies spent $12.8 million, compared to $8.7 million committed.

Of the agreements analyzed, 10 were property tax abatements, 25 were Chapter 380 gap-financing grants, and eight were completion reports.

“Overall, the picture is very positive,” Sturns told Mayor Betsy Price and City Council members Tuesday.

Companies receiving abatements that didn’t meet their commitments points to “softness in the economy,” Sturns said. “Companies are still struggling, and they’re making layoffs and they’re curtailing their annual spending.”

On property tax collections for the abatement agreements, the city was ahead of projections, collecting $1.1 million compared to a projected $558,864, the audit said.

The value of the abatements to the recipients was below projections, at $1.7 million, compared to $2.3 million projected.

On the Chapter 380 grants, the city collected $17.1 million property tax and gave $10.8 million in grants, for $6.28 million net revenue.

The grants levered $2 billion in private investment, the audit found.

< back

Email   email
hide
Catch
How 'bout them Cowboys?