Title
Discussion of nominating Rohm & Haas Texas Incorporation to the Office of the Governor Economic Development & Tourism (EDT) through the Economic Development Bank as an Enterprise Project and their planned application submission.
Body
Summary:
The City finds that Rohm & Haas Texas Incorporated meets the criteria for designation as an enterprise project under Chapter 2303, Subchapter F of the Act on the following grounds:
(a.) Rohm & Haas Texas Incorporated is a "qualified business" under Section 2303.402 of the Act since it will be engaged in the active conduct of a trade or business at a qualified business site within the governing body's jurisdiction, located outside of an enterprise zone and at least thirty-five percent (35%) of the business' new employees will be residents of an enterprise zone, economically disadvantaged individuals, or veterans; and
(b.) There has been and will continue to be a high level of cooperation between public, private, and neighborhood entities in the area; and
(c.) The designation of Rohm & Haas Texas Incorporated as an enterprise project will contribute significantly to the achievement of the plans of the City for development and revitalization of the area.
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...
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