Not so fast with the news of expansion plans at a Bryan manufacturer.
At the August 11th Bryan City Council meeting, City Manager David Watkins announced Toyo Ink was proceeding with a major expansion.
A memo from the Research Valley Partnership that’s part of Tuesday’s Bryan City Council agenda states Toyo officials in Japan have not made that decision.
In fact, local Toyo leadership is presenting the expansion plans on Monday in Tokyo at corporate headquarters. It involves 20,000 square feet of new production and warehouse space at the Bryan Business Park. It’s a $6 million dollar project creating 20 new jobs that would add $1 million dollars in payroll plus full benefits.
The RVP is asking the city council and staff is recommending approval of economic development incentives benefitting Toyo and the city.
The RVP has proposed increasing Toyo’s tax abatement by ten percent in two of the remaining five years of the existing schedule. That saves Toyo $13,609 in property taxes over the five year period. With the expansion the net property tax increase to the city during the same time frame is $53,227. The RVP is also asking the city to charge Toyo half the $20,000 cost for a building permit.
Toyo Ink opened its Bryan facility, a $20 million dollar, 55,000 square foot complex, in October 2008. According to the RVP, Toyo generated a payroll last year, its first full year of operation, of $1.3 million dollars.