The Greenville City Council and the Hunt County Commissioners Court are scheduled to consider approving a tax abatement agreement for a planned major expansion of a local company.
A tax reinvestment zone is also being proposed for the Cytec Engineered Materials plant in Greenville.
The commissioners are set to conduct a public hearing before considering a resolution to designate certain property as a reinvestment zone, and offer a commercial-industrial tax abatement pursuant on the plant located at 4300 Jackson Street in Greenville.
The council intends to do the same during its regular agenda Tuesday evening.
According to information presented to the council in a preview packet, the Greenville Board of Development/Greenville 4A-Economic Development, GBOD/4A-EDC, has been working on the agreement with Cytec Engineered Materials, whose parent company is Solvay.
On July 30, 2019 GBOD/4A-EDC approved recommendation of the tax abatement proposal for submission to the Reinvestment Zone Advisory Committee, which the next day approved and recommended the abatement to the city and county.
The company has estimated a $25 million investment for the facility expansion with another approximately $3.5 million for new machinery and equipment and is seeking a 50 percent abatement on both real property tax and business personal property tax for five years each from both the City of Greenville and Hunt County.
The Hunt County Commissioners Court will host the public hearing before voting on its share of the proposed abatement during Tuesday’s regular meeting, scheduled for 10 a.m. in the Auxiliary Courtroom at 2700 Johnson Street in Greenville.
The Greenville City Council is scheduled to do the same during its regular agenda, starting at 6 p.m. Tuesday in the Municipal Building, 2821 Washington Street in Greenville.