Dallas Business Journal
By Spencer Brewer – Staff Writer, Dallas Business Journal
The Fort Worth City Council is set to hold public hearings then vote on economic incentives for two large projects that could bring over 1,700 jobs to the city.
Between the two projects, the combined total investment will measure in at $585 million. Under the agreements, Siemens would create an advanced manufacturing facility in Fort Worth and contract manufacturer DrinkPak will establish two new locations in the city.
The public hearings will occur during the City Council’s meeting on Tuesday, and votes on the incentives are scheduled for after the hearings.
DrinkPak manufactures alcoholic and non-alcoholic beverages. The two new Fort Worth facilities would produce energy drinks, hard seltzer, canned cocktails and alternative dairy beverages, such as canned cold brew and oat milk.
DrinkPak has proposed a combined investment of $452 million between both phases of the project. Phase one would involve $37 million in real property improvements by the end of 2026 and $183 million in business personal property by January 2027.
The project would bring a whopping 1,000 full-time jobs to Fort Worth. The average annual salary for all of these jobs will be more than $70,000, and 15% of construction costs will be committed to minority and women-owned businesses.
In exchange, the City of Fort Worth has proposed a 10-year tax abatement of up to 70% of incremental real and business personal property – an estimated value of $21 million. This annual abatement will be forfeited if the company fails to meet the minimum $70,000 average annual salary requirement, and a proportional reduction will be required if both phase one and phase two employment numbers fall below 800 full-time jobs.
German multinational corporation Siemens AG plans to bring an advanced manufacturing plant to 7200 Harris Legacy Drive at Carter Park East to produce low-voltage switchgear and switchboards.
Siemens Industry Inc., a subsidiary of Siemens AG, provides products, systems, and services for industrial automation, drives, motors and other energy management systems. The company already has a presence in Grand Prairie, where it manufactures low-voltage circuit breakers.
In Fort Worth, the firm has proposed a capital investment of $133 million, including $70 million in real property improvements by the end of 2024, and $63 million in business personal property by January 2025.
The company plans to bring 167 full-time jobs by the end of 2024 and 715 total jobs by the end of 2026.
In exchange, the City of Fort Worth is proposing a 10-year tax abatement of up to 70% of incremental real and business personal property – an estimated value of $6 million. If the company is unable to meet the minimum average annual salary requirement of $63,000, the annual abatement will be forfeited.