City Council to consider giving Panda Biotech more time and money

Times Record News
Lynn Walker, Wichita Falls Times Record News
November 3, 2023

Wichita Falls city councilors on Tuesday will consider giving Panda Biotech more time and money to get on track with a hemp-processing plant the company says it intends to open in the former Delphi automotive plants on I-44.

The city’s Economic Development Corporation (4A Board) recently signed off on adding $200,000 to the incentive plan given to the company in 2020. Panda wants additional money for construction of a rail spur to its plant.

City leaders and Panda Biotech officials met in April.  Panda will go before the City Councill Tuesday to ask for more time and money to get a much-delayed hemp processing plant into operation.
Panda Biotech

If councilors approve the deal, the total incentive package would rise to $3 million, contingent upon Panda hiring at least 50 people. Part of the incentive would pay moving expenses for workers to come to Wichita Falls.

The new deal would also give Panda another three years to meet its hiring requirements.

Panda got a $1 million loan from the 4A Board, which the city staff says will be fully repaid in December.

Other than repaying the loan, the company has not met any of the thresholds in the incentive agreement and the city has not paid any other incentives to the company.

Councilors will also look at giving $75,000 to Magic Aire HVAC company at 501 Galveston St. to go toward improvements at the facility. In return the company must promise to keep its 138 employees and add one more.

In other action, councilors will consider:

• Spending $84,850 to replace a portion of pipeline near Old Iowa Park Road and Harlan Avenue after the old pipe burst in early October and sent 20,000 gallons of untreated sewage into residents’ backyards and a stormwater channel.

• Spending $309,942 to refurbish a press that squeezes water out of solids during wastewater treatment  so those solids can be taken to the landfill.

• Accept monetary grants for use by the health and police departments.