Abilene City Council approves fourth largest DCOA deal in entity's history

The Development Corporation of Abilene cemented the fourth largest project in its history at Thursday's Abilene City Council meeting, offering up to $6 million in incentives to Abilene's Bridgestone Bandag retread plant for its expansion.

The funds are in exchange for retention of 179 employees and creation of 25 full-time jobs by the end of a five-year period.

The company, in Abilene since 1971, is an automated operation for rubber mixing and production.

It expects to invest roughly $60.3 million in Abilene for expansion in its current facility over the five years, with the new jobs having an average salary of $53,775.

Over 10 years, the project is estimated to generate $21 million in tax benefits, with a total projected economic impact of $1.8 billion over the same period.

Misty Mayo, president and CEO of the DCOA, said it was significant to have a successful local, existing company be willing to commit million toward expansion.

"It says that the company believes in our operation in Abilene and Abilene believes in Bridgestone Bandag," she said, showing the community is "growing and prospering."

"We felt when when the citizens of Abilene and the business community of Abilene sees positive things happening, particularly with large corporations like this, it ups the value of Abilene," Mayo said. "... You'll see a lot of projects that spin off from this."