After meeting behind closed doors for more than two hours, Paris Economic Development Corp. directors Thursday afternoon approved roughly $2.5 million in cash incentives to lure three manufacturing companies to Paris with a promise of about 200 jobs in return.
The three companies also have access to seven year de-escalating tax abatements from the city and county as well as access to state and federal tax credits, according to the economic development corporation’s executive director, Michael Paris.
“This was a very productive meeting, and we are looking forward and hopeful these prospects will come to fruition,” board chairman Timothy Hernandez said.
Prospects are identified as Project Iron Shovel, Project Rocket X and Project Rainwater Falls.
Project Rainwater Falls is a Portland, Oregon, company that does injection molding of plastic products. Plans call for the construction of a 200,000-square-foot facility somewhere inside Loop 286 with a promise of 125 jobs, Paris said. Incentives approved include $1 million in cash for jobs and another $500,000 for rail development.
Project Iron Shovel, an American airplane engine company, is looking to locate a 100,000-square-foot facility at Cox Field and employ about 50 people, Paris said. Incentives approved include $500,000 in cash for jobs.
Project Rocket X, a tire manufacturer from Indiana, looks to locate a 200,000-square-foot building off Northwest Loop 286 in the Industrial Park. Plans are to manufacture trailer tires with roughly 25 employees. Incentives include $140,000 cash for jobs and a forgivable loan for land valued at roughly $200,000.
In addition to the five board directors, Paris Mayor Steve Clifford, Mayor Pro-Tem Paula Portugal, Paris Interim City Manager Gene Anderson and Lamar County Chamber of Commerce executive director Paul Allen were present at the meeting.