Temple city and Temple Economic Development staffs have been working with a company proposing to build a metals foundry and fabrication facility which would create 100 new jobs in the city.
Temple City Council members will consider an agreement with Project Astro, LLC in their meeting on Thursday night, which would provide reimbursement of $2 million for infrastructure improvements and the cost of constructing an extension of Distribution Drive up to $2,500,000 as part of the deal. There would also be property tax grant payments from the city over a ten-year period.
The facility would be built on a 45-acre site in the Temple North Industrial Park.
In return, the company would be investing at least $110,000,000 in Phase 1 of the project, and create and maintain at least 100 new full-time jobs. Information provided with Thursday’s City Council agenda also indicated the company might develop a second project phase extending over a period of years, and could be eligible for separate property tax grants if the new phase results in further investment and additional job creation.
Under the agreement, the company would have to complete construction within 36 months. There would be a requirement for construction of a natural gas pipeline extension to the site.
City staff has recommended approval of the proposal, saying it supports the City of Temple’s strategic goal of well-managed growth and encouraging high quality, stable jobs and strengthening the property tax base.
Source: www.fox44news.com
