FOR S-5! MANUFACTURING
City approves tax abatement, incentives
by Dolores Hamilton
The new business, S-5! Manufacturing, that will soon be coming to Iowa Park was again the focus when the city council met Monday night.
The council approved a tax abatement agreement for S-5!. The abatement period is for 10 years, and the company could receive up to $87,000 in tax abatement for improvements to and personal property and inventory associated with the operation of an aluminum extrusion manufacturing facility.
S-5! Manufacturing will lease the building at 500 W. Highway from the city for its temporary location while constructing a permanent building in the city’s Industrial Park. The company will bring 17 new jobs to Iowa Park with plans to expand their workforce to 25 in the next two years.
In addition, the council members approved an economic development incentive agreement the Iowa Park Economic Development Corporation (IPEDC) made with S-5!.
IPEDC has agreed to pay the cost of clean up and removal of the tile flooring in the leased building and the cost of installing a roll-up door in the west wall.
Also, IPEDC has agreed to acquire 7.382 acres in Industrial Park for the site of the new building, and a $200,000 cash incentive for building improvements.
In exchange for these incentives, S-5! will create a minimum of 10 new jobs, with each job having an annual salary of $25,000.
The property in Industrial Park, currently owned by the Iowa Park Industrial Development Corporation (IDC), is outside the city limits, and IDC has requested that the land be annexed into the city.
City Manager Mike Price was directed by the council to prepare a service plan for the area, and dates for two public hearings on annexation were set. The first hearing will be Nov. 28, and the second on Dec. 12.
The Wichita Falls Economic Development Corporation (WFEDC) has agreed to fund a$100,000 cash incentive to S-5! Manufacturing for equipment. Because the company will be located in Iowa Park’s jurisdiction, they are required to get approval from the city council. The council members gave their consent, and authorized the mayor to execute a Consent for Economic Development Project Agreement with WFEDC.
In other business, the council approved the replat of Lots 2 and 3-A, Block 1, in the Iowa Park Industrial District.
Members of Cub Scout Pack 7 were given permission to distribute flyers on Saturday, Nov. 19 and Saturday, Nov. 26, to collect non-perishable food items that will be donated to the Iowa Park Food Bank.
Fire Chief Randy Fulbright told the council that members of the Iowa Park Volunteer Fire Department would be at the intersections of Yosemite and W. Highway, and Johnson Rd. and W. Highway on Saturday, Nov. 26, to collect donations for Kidz Christmas.