Innovation First International (IFI) is expanding, significantly.
The Hunt County Commissioners Court voted Tuesday to engage in a incentive proposal for Greenville EDC Project Sprocket, now known as the IFI expansion.
IFI has purchased 55 acres off of Farm-to-Market Road 1570, and plans to build a new 62,500 square foot expansion of its current business for more office space.
Greg Sims, president/CEO of the Greenville EDC, said keeping the business in Hunt County will help the county grow.
“We’re very excited as a county,” he said. “I’m thrilled that the commissioners court sees the importance of business retention of our current Hunt County businesses.”
According to Warren Weeks, CFO of IFI, the new phase of development is planned with more expansion in mind at a later date.
Weeks said the new building will also include a theater and event room for non-profit organizations to use that will seat approximately 200 guests.
“I think it’s going to be a really good front door for 1570,” he said.
Sims said by accepting this, the commissioners court is paying attention to its current businesses and finding ways to keep them in the county.
“I am really in favor of that,” he said. “This kicks into motion the proper public things we need to do.”
Hunt County Judge John Horn said the commissioners court is dedicated to helping businesses grow in the county.
“I can’t say how excited I and the commissioners court are about this,” he said. “I’ll be reflecting everything said by Greg. It’s good to facilitate their growth in a positive way.”
Weeks said IFI is interested in the welfare of not only its business, but also in the surrounding community as a whole.
“We’re proud to be a good corporate citizen of Hunt County,” he said.
According to Weeks, the company should be breaking ground on the project before the end of May.
The details of the incentive proposal are still being worked out, but Horn indicated that the proposal would include or be similar to the Freeport Exemption, which provides a tax exemption on certain goods temporarily stored and assembled in Texas.