MIDLAND – The Midland Development Corporation and the Midland city council have approved an economic development agreement with Tenaris to establish a service center for the storage, inspection and preparation for the running of steel tubular goods for the energy sector.
Tenaris has committed to a new annual payroll of $3.3 million and $36 million in new capital investment by Dec. 31, 2020.
The agreement is a loan forgivable of up to $2 million based on performance of the creation of capital investment and payroll. Funds will be distributed after capital investment and payroll criteria are met by Tenaris.
A portion of the loan will be forgiven as certifications of certain performance criteria are met. The agreement will require that the business bring new money into the community by providing primary jobs and the retention of jobs will also be required for a certain number of years.
In addition, the Midland County commissioners’ court has approved a property abatement for economic development with Tenaris for the construction and operation of the new facility. The abatement is the standard five-year term with a 20 percent reduction annually. The new capital investment will consist of commercial offices, railway infrastructure, warehouse and equipment.
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