Summary: ProFrac is building its new corporate office in Willow Park North, supported by Chapter 380 financial incentives between Wilks Development and the City of Willow Park. The new, ProFrac HQ, of about 60K sq.ft., will bring 200 new jobs, property taxes, retail taxes, and more into the City.
Latest Update: posted 10 January 2024
Select #Tags for additional articles#TIRZandWilksDev #DevelopmentNorth #Finance
Wilks Development is building a new, ProFrac Corporate HQ Office Building, with City of Willow Park financial incentives.
ProFrac,"the leader in providing hydraulic fracturing services," is building its new corporate office in Willow Park North, supported by Chapter 380 financial incentives (*2) between Wilks Development and the City of Willow Park. The new ProFrac corporate office is planned as follows:
• about 60K square feet,
• located just east of the Ground for Hounds (not far from the current HQ in The Shops at Willow Park)
• bring 200 new jobs into the City
• completed by the first of January 2025.
Willow Park City Attorney Pat Chesser reported, "[This new development] will add to our tax base and sales tax... We will rebate [Wilks Development] up to $300K they pay the City for building fees, section fees, and water and sewer tap fees." The first 50% of the eligible incentives are to be reimbursed to the Wilks Develop six (6) months after the initial building permit and the remainder of the 50% of the eligible incentives are to be reimbursed to the Wilks Development upon the issuance of certificate of occupancy. (*1)
"Chapter 380 of the Texas Local Government Code authorizes municipalities to offer loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business and commercial activity." [#2]
ProFrac is "the leader in providing hydraulic fracturing services to maximize well productivity." With fourteen (14) locations throughout the U.S., their current HQ is in The Shops at Willow Park North.
Willow Park Civics Research
• Wilks Development also has a Tax Incremental Reinvestment Zone financial agreement (TIRZ) with the City of Willow Park. [Willow Park Civics > City > City Development > TIRZ and Wilks Development]
• This is Willow Park's second Chapter 380 Agreement; the first was with UNCO Hostility to build a Standard Services Restaurant
Details in the following Willow Park Civics Blogs and webpage.
Standard Services Restaurant has started building towards Summer 2025. posted 28 November 2023
Standard Services Restaurant is taking shape and WOW. posted 21 February 2023
Willow Park Civics > City > Development > Chapter 380 and UNCO Hospitality
*1 The City approved the new Chapter 380 incentive plan during the 09 January 2024 Council Meeting, Executive Agenda Item 13. [Council Meeting Facebook After Ex. Session video.]
*1 During the 12 December 2023 Council Meeting, the council instructed the city made the following motion: "move to authorize staff and for the mayor to draft a chapter 380 agreement with Wilks Development in an amount not to exceed $300,000. and that 50% of the eligible incentives are to be reimbursed to the Wilks Develop after 6 months after the initial permit request and the remainder of the 50% of the eligible incentives are to be reimbursed to the Wilks Development upon the issuance of certificate of occupancy." [At mark 37:52 of the Council Meeting Youtube video.]
• Willow Park Civics > Resources > Glossary Plus
*2 "Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects. Specifically, it provides for offering loans and grants of city funds or services at little or no cost to promote state and local economic development and to stimulate business and commercial activity. In order to provide a grant or loan, a city must establish a program to implement the incentives. Before proceeding, cities must review their city charters or local policies that may restrict a city's ability provide a loan or grant." [Comptroller of Texas Chapter 380/381 Economic Development Agreements]
Comentarios