Another domino falls into place for $751M CC plant

CORPUS CHRISTI – Del Mar College’s Board of Regents approved a tax abatement to M&G Resin USA, which plans to build a $751 million chemical plant on the north side of the Corpus Christi Ship Channel.

The Italian company, which produces a type of plastic used in soft drink bottles and frozen food packaging, will receive 100 percent abatement for construction, for up to seven years. In addition, the agreement allows the company to receive 70 percent abatement the next seven years.

Nueces County Commissioners Court approved a similar agreement in October.

The company plans to close on the sale of the land from Driscoll Foundation within the next 30 days, according to Roland Mower, CEO of the Corpus Christi Regional Economic Development Corp.

Under the agreement, if nothing is developed on the site, Del Mar College is expected to receive about $4,600 during the next ten years.

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