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Super PAC Men: How political consultants took a Fort Worth oilman on a wild ride

The head of a Texas oil dynasty joined the parade of wealthy political donors, aiming to flip the Senate to Republicans. By the time consultants were done with him, the war chest was drained and fraud allegations were flying

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Bon Appétit: New French restaurant dishes out the finest in Fort Worth

Barely open six months, Le Cep, a contemporary French restaurant proffering fine dining, is stirring up Fort Worth’s culinary scene.

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Bombay Co.'s former HQ building purchased

The Bombay Co.’s former Fort Worth headquarters building has been sold, with private equity fund Diversified International Partners snapping up the seven-story, 122,828-square-foot structure at 550 Bailey St.

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Latin-inspired restaurant set to open in downtown Fort Worth

Downtown Fort Worth’s dining scene is about to get spicier with the opening of a new restaurant featuring Latin-inspired coastal cuisine.

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Hickmans, Majestic Realty make moves to support Fort Worth deals

Fort Worth’s Hickman family is beginning to move 70 acres it owns in the Stockyards into a partnership with Majestic Realty and talking about other deals, including a 300-acre commercial development in far South Fort Worth.

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Fort Worth approves $6.5 million in incentives for American reservations center

By Scott Nishimura
snishimura@bizpress.net
 
Fort Worth City Council members unanimously approved $6.5 million in incentives for a new American Airlines reservations center at 4700 American Blvd. near Dallas/Fort Worth Airport.

The package, passed in a 9-0 vote, includes a one-year tax abatement and a 14-year economic development grant agreement to help American Airlines build a planned reservations center at 4700 American Blvd. The incentives are worth up to $6.5 million.
 
As part of the agreement, the Council also waived up to $32,000 in development fees. 
 
To get the maximum incentive, American committed to $55 million in construction and $33 million in personal property improvements by Dec. 31, 2015.
 
“Failure to meet the real property investment is a condition of default and will result in immediate termination of the agreement,” the city staff told the City Council in a report.
 
The one-year tax abatement would potentially abate up to 85 percent of city property tax added by the real and personal property on the site.
 
Under the economic development agreement, the city will make annual grants to American for up to 85 percent of the city property tax added but the real and personal on the site.
 
To get the full incentive, American is committing to employ a minimum 1,300 full-time employees on the site by Dec. 31, 2015.
 
The company will fill the greater of 15 percent of all jobs, or 195, with Fort Worth residents, or the greater of 5 percent of all jobs, or 65, with Fort Worth central city residents.
 
To get the maximum incentive, American is also committing to spend the greater of $13.75 million, or 25 percent of construction costs, with Fort Worth contractors.
 
The company is committing to spend the greater of $13.75 million, or 25 percent of construction costs, with local contractors that are minority or women-owned.
 
The overall contracting and minority and women contracting figures can overlap.
 
American also committed to spend the greater of 30 percent or $150,000 of annual discretionary supply and service expenditures with Fort Worth contractors.

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