Brazos County commissioners are told at Tuesday’s meeting that three of six companies with local economic development agreements are meeting requirements to receive incentives.
For the first time, the Brazos Valley economic development corporation (BVEDC) outsourced the annual compliance report.
Consultant Shawn Portales says the six companies combined in 2021 to have 1,316 jobs with a combined payroll of $93,859,380 and a combined investment of property, buildings, and equipment of $394,812,301 dollars.
FUJIFILM Diosynth Biotechnologies (FDB), which is one of three companies exceeding requirements to receive incentives, accounts for more than half of the combined jobs and payroll and accounts for more than one-fourth of the combined investment. FDB, which is required to have 100 jobs, had 677. Payroll of $54.9 million dollars exceeds the minimum of $6 million. Investment value of $108.675,000 exceeds the minimum of $70 million.
According to the BVEDC document that was presented to commissioners, FDB’s incentive is $417,600 dollars.
Also exceeding minimum requirements were Axis Pipe and Tube and Lubrizol Specialty Products Inc. (LSPI).
LSPI’s incentive is a 50% property tax abatement and Axis Pipe and Tube’s incentive is a 40% property tax abatement.
Not meeting all minimum requirements were Advanta, Wayfair, and ViaSat.
BVEDC president Matt Prochaska said ViaSat would not be asking for its yearly incentive of a 40% property tax abatement.
Wayfair’s incentive is $100,000 dollars and Advanta’s incentive is $25,000 dollars.
Commissioner Irma Cauley asked for more information about Advanta maintaining its current employment of 25 people, which is five more than required, but the total payroll declining by $323,000 dollars. Cauley asked if Advanta was giving bonuses to executives and underpaying other employees. Advanta reported an average salary of $79,075.24 when it is required to pay an average salary of $80,000. Advanta reported total wages of $1,976,881 when the minimum is $2.3 million dollars.
