The company makes parts and materials for commercial airplane companies like Boeing, Airbus as well as parts for Lockheed Martin’s F-35.

GKN is looking for a place to house all of its research and development and Fort Worth is the preferred destination, Michael Hennig with the city’ economic development department told the city council Tuesday.

The city would offer up to $7 million in grants that could be applied to commercial property taxes.

GKN would then be able to sell those property tax credits in order to fund research and development, Hennig said.

The company is required to spend a minimum of $20 million in research and development within five years after setting up shop in Fort Worth in order to qualify for the tax credit.

It also must create 100 new jobs with an average salary of $125,000.

The city previously used this kind of tax incentive program to help electric motor startup Linear Labs.

Most other jurisdictions looking to lure these kinds of companies will either use cash grants or income tax breaks, Hennig said in an interview after meeting with the council.

“We don’t have an income tax, so we use what we got,” he said.

Council member Carlos Flores, who previously worked as an engineer for Lockheed Martin, was enthusiastic about the plan, saying it fits well with the city’s plan to attract innovative companies to the city.

Mayor Mattie Parker said the city is committed to getting GKN to Fort Worth, saying it’s part of a long-term plan to attract more research and development to the city.

The council will vote on whether to approve the tax credit plan at its Oct. 25 meeting.