The year coming to a close saw the Brownfield Industrial Development Corporation assist more local businesses than out of town companies by a ratio of 3 to 1, according to information provided at the organization’s most recent board meeting.
Nine local companies and three out of town industries earned financial assistance from BIDCorp in 2017.
Most of the assistance for local businesses came in the form of grants, loans and earned incentives.
The ratio appears consistent over the past five years.
In that time, BIDC has awarded grants, loans or earned incentives to 33 local businesses, while 11 out of town manufacturing companies have received assistance.
The $115,800 in grants to downtown businesses meant that over $231,600 was invested, as each business grant was a dollar per dollar match.
“I am as proud of that number as anything else BIDCorp has done since I’ve been in Brownfield,” Partlow said. “That is irrefutable evidence that local dollars are helping local businesses.”
Another project Partlow touts is the creation of the Tax Increment Financing Corporation, a temporary corporation authorized by and made up of four taxing entities, that will collect $225,000 over five years for the downtown improvements, beginning with the construction of the recently completed Lynn Brisendine Community Plaza.
Over that 5-year period, BIDC has spent a total of $2,168,872 on bringing jobs and taxable investment to Brownfield and Terry County.
For this past year, BIDC has spent $744,297 on assisting local businesses and recruiting companies. This assistance includes commercial and industrial grants, loans and earned incentives.
Over the past two years BIDC has created two grant programs, including the $2,500 matching grants for property improvements and the $10,000 grant program to encourage entrepreneurs to start a business and move into one of our empty buildings in Brownfield.
Currently, a total of $80,000 has gone into either new businesses or major renovations to existing buildings throughout Brownfield and $10,000 for four property improvements grants.
In 2017 BIDC also gave grants, loans and earned incentives to many businesses. They include Texas Custom Wine Works ($165,000), Early Trucking ($40,000), infrastructure for Bush’s Chicken ($64,000); Guar Resources ($70,000), and Dakota Plaza ($64,000).
To help with recruiting industry over the past 5 years BIDCorp has spent over $900,000 in infrastructure cost to buy land for a major rail site; helped with an airport expansion; rail lines to Sanders Ag. in the Jack Cargill Industrial Complex; and spur lines for Halliburton.
“We have also bought land for a new rail spur site, the 54-acre Jack Cargill Industrial Complex, and are looking for land to build a third park just to put trans-loading companies in to keep them from out of the middle of town,” Partlow said.
BIDC has also supported other organizations including over $40,000 to the Brownfield Chamber of Commerce over the past four years, including $33,442 for a portion of the electronic marquee in Centennial Park and $9,000 for the Chamber’s Wine Festivals.
“2018 looks like another good year as we have over $250,000 pending in grants and earned incentives for three new business, two existing industries, and a retail property improvement,” the director added. “We have two projects on the table that total a $185 million investment, we have started two major marketing campaigns that are producing approximately 10 large company leads each week, and Halliburton is planning on a small expansion in the first quarter of the year totaling more than $2 million.
“For a small town in a sparely populated area, we are holding our own,” Partlow concluded. “I see it getting better for most businesses in Brownfield. This is a great place to live and work.”