A Houston City Council committee is exploring a financial package to land a manufacturer to a downtown Houston site. The incentives were discussed Monday during a council meeting.
The unnamed firm would occupy space at a former manufacturing plant off Spruce Street that houses the Exceptional Child Cooperative. Until recently, Air Evac occupied an accounting office in a portion of the building before consolidating it with an operation in West Plains. The Houston Development Co. (HDC) owns the space. Air Evac continues to pay rent.
The city is studying two options for assisting the firm and HDC:
•Use of a revolving economic development fund that dates back to the 1970s. Firms were able to tap into the fund and repayment of the monies could then be used for other development purposes. The balance is currently about $160,000.
•Seeking U.S. Economic Development Administration funds for about $400,000. Under the program, the city would be required to provide a 40 percent match. The funds would be used to configure the plant to the prospect’s specifications. The structure at one time was the home of a jeans manufacturer.
The council committee will examine the issue and give its recommendations at a May 19 meeting.