The agreement sets up a broader incentive package if Bell chooses to locate its new factory in Fort Worth.
FORT WORTH, Texas — Fort Worth officials approved a tax abatement agreement they hope will lure Bell Textron to invest $632 million into a new manufacturing facility in the Alliance area of north Fort Worth.
Fort Worth City Council approved the agreement Tuesday, setting up a broader incentive package if Bell chooses to locate its new factory in an existing facility located at 15100 N. Beach St, according to a report from city staff. The 44,373-square-foot building was formerly occupied by Stanley Black & Decker, according to reporting from the Dallas Business Journal.
Fort Worth-based Bell Textron Inc. was awarded a billion-dollar contract with the U.S. Army to provide its next-generation attack helicopter, the V-280 Valor. The contract could be worth up to $70 billion. If Bell chooses to locate its new plant in Fort Worth, the facility would produce components for the helicopter, according to the Dallas Business Journal.
To receive the abatement, Bell would have to create 520 full-time jobs by 2039 with a minimum salary of $85,000, according to city staff.
Bell Textron also applied for state incentives through a new program, the Jobs, Energy, Technology and Innovation Act. The program is intended to attract large economic development projects to the state. If approved, it would give Bell another 10-year tax abatement, according to the Dallas Business Journal.
The company is weighing several other cities to locate the new facility, according to the Dallas Business Journal. At the City Council meeting Tuesday, Council member Alan Blaylock, Gyna Bivens and Mayor Mattie Parker said the council is excited about the potential of this project.
Bell has recently invested in several new locations across the Metroplex. The company broke ground last year on a $20 million Drive Systems Test Lab in Grand Prairie, and opened a Weapons Systems Integration Lab in Arlington, next to its existing Flight Research Center.