Fort Worth Business Press, June 2, 2014 Vol. 26, No. 22 | Page 23
news
23
Fort Worth ahead
in job creation
n Scott Nishimura
[email protected]
courtesy rendering
Companies that have received financial
incentives from Fort Worth were ahead of
their commitments for job creation, local
construction, supply and services spending,
and minority and women-owned
enterprise contracting through 2013, the
city said in an annual internal audit.
In an audit of 43 agreements,
companies receiving incentives created
9,195 jobs through 2013, well above the
3,585 they committed, Robert Sturns, the
city’s business recruitment and retention
manager, said.
Against their commitments to hire
central city residents in Fort Worth –
inside Loop 820 – the companies created
1,259 jobs, compared to 1,167 they
committed to.
On construction spending with Fort
Worth contractors, the companies spent
$499.4 million through 2013, compared to
$262.7 million committed, the audit said.
On local goods and services spending,
the companies spent $20.1 million,
compared to $14.3 million committed,
the audit said.
On spending with minority and
women-owned construction contractors,
the companies spent $285.9 million,
compared to $196.4 million committed.
On goods and services spending with
minority and women-owned firms,
the companies spent $12.8 million,
compared to $8.7 million committed.
Of the agreements analyzed, 10 were
property tax abatements, 25 were Chapter
380 gap-financing grants, and eight were
completion reports.
“Overall, the picture is very positive,”
Sturns told Mayor Betsy Price and City
Council members Tuesday.
Companies receiving abatements that
didn’t meet their commitments points
to “softness in the economy,” Sturns
said. “Companies are still struggling,
and they’re making layoffs and they’re
curtailing their annual spending.”
On property tax collections for the
abatement agreements, the city was ahead
of projections, collecting $1.1 million
compared to a projected $558,864, the
audit said.
The value of the abatements to the
recipients was below projections, at
$1.7 million, compared to $2.3 million
projected.
On the Chapter 380 grants, the city
collected $17.1 million property tax and
gave $10.8 million in grants, for $6.28
million net revenue.
The grants leveraged $2 billion in
private investment, the audit found. n
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