Halliburton to invest $125M

Screenshot 2015-03-30 12.42.49City officials have been notified that the Halliburton project north of the city has been officially designated as a Texas Enterprise Project, which would refund state sales tax dollars generated at its new location at the intersection of the Lubbock Hwy and David Bailey Rd.

In its application for the designation, Halliburton predicted a capital investment of more than $125 million at its new Brownfield location and the creation of more than 80 new jobs. Total local jobs listed in the application will be 301 positions in Brownfield.

The Texas EnterPrize Zone Program allocates 105 designations for each biennium and requires that all applications received be reviewed and competitively scored to ensure that they meet the goals and objectives of the program, which includes, but is not limited to, high impact projects or activities, targeted industry clusters and creation of primary jobs.

Halliburton’s designation as a Single Enterprise Project is effective immediately and lasts five years. With the designation, Halliburton will be eligible to receive a refund of $2,500 per qualified job, up to a maximum of $1.25 million.

The City, as the nominating body, will monitor Halliburton to determine whether the project has followed through on its commitments and goals. The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and capital investment in economically distressed areas of the state.

The City is currently in the planning stage of a project to extend utilities to the site, as part of an economic development deal inked last year. The city has signed contracts with Halliburton to create an Industrial District Agreement. The agreement gives the company the advantages of annexation and generates revenue for the city without undergoing the sometimes contentious process of annexation beyond the city limits. The project requires the construction of municipal water and sanitary sewer lines by the city to a 100 acre tract of land just north of the city limits in Hogue Industrial Park.

Article Courtesy of the Brownfield News

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