Title
Consideration of and action on a resolution to nominate Rohm & Haas Texas Incorporation as an Enterprise Zone Project under the Texas Enterprise Zone Program.
Body
Summary:
It is proposed the following be nominated as Enterprise project under the Texas Enterprise Zone program:
* Name of legal entity for nomination - Rohm & Haas Texas Incorporation
* Amount of capital investment over 5-year designation period - $50 million
* Number of retained jobs - 650
The following summary was provided:
"Rohm and Haas Texas Incorporated plans to invest approximately $50 million in process equipment upgrades and infrastructure improvements. Since the Deer Park facility is the largest manufacturer of methacrylic and acrylic monomers in the world, Dow is looking to invest in various upgrades to the local chemical processes, equipment such as tanks, furnaces, pumps, cooling and control systems. These upgrades will ensure operational efficiency and modern safety conditions for the workforce involved while producing higher performing chemicals and finished goods for consumers. A portion of the investment will go to facility and infrastructure upgrades with the remainder earmarked for advanced process equipment. With the intended investments, no layoffs or downsizing in workforce are contemplated and upon nomination, we commit to maintain our current employment level, which includes approximately 640 full-time employees with plans to add another 10 full-time positions over the course of the designated five-year period."
The Texas Enterprise Zone Program is an economic development tool for local communities to partner with the State of Texas to promote job creation and capital investment in economically distressed areas of the state (census block groups with a poverty level greater than 20 percent).
Designated projects are eligible to apply for state sales and use tax refunds on qualified expenditures. Qualified expenditures include building materials, machinery and equipmen...
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