Kansas drilling HQ relocating to The WoodlandsKansas drilling HQ relocating to The Woodlandshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=70092013-06-20T09:48:00Z2013-06-20T06:45:00Z

THE WOODLANDS - Montgomery County commissioners approved a seven-year tax abatement for a company that will occupy the top two stories of an eight-floor office building under construction in The Woodlands.

Layne Christian, a drilling company out of the Kansas City area, is moving its corporate headquarters to One Hughes Landing, an eight-story, multitenant building in Hughes Landing, a 66-acre mixed-use development on the north end of Lake Woodlands.

Layne Christensen will lease 51,000 sf in the top two stories, while attracting a minimum 135 employees in 2014. That number is expected to reach 210 by December 2017.

Annual payroll is estimated at $22 million by then, according to J.R. Moore, county Tax Assessor and Collector. The average salary is expected to be $105,000.

The abatement is for a seven-year period, starting at 100 percent for the first four years (2014-17), then dropping to 25 percent by the abatement’s end in 2020.

Once Layne Christensen opens for business, the county’s annual property tax revenue from the company will be $111,176. That is projected to grow to $116,183 by the 2015 levy. Tax revenue is estimated to reach $171,891 a year starting in 2021.

Layne Christensen specializes in drilling water and mining infrastructure.

Once finished, One Hughes Landing will provide 197,000 sf of business space. The total estimated appraised value for the 2.689-acre site and the eight-story building is $32.5 million.

The Courier of Montgomery County
Houston-The Woodlands-Sugar Land
http://www.yourhoustonnews.com/courier/news/commissioners-ok-tax-abatement-on--story-building/article_eea60c33-cb07-51f8-be2e-4277c5bce52b.htmlRead more at {Source}

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