Saturday, December 14, 2024
The city of Granbury recently made a crucial move toward attracting more aerospace companies to the area.
In a unanimous vote, the Granbury City Council approved the creation of a tax abatement reinvestment zone at the Granbury Regional Airport, during a regularly scheduled meeting July 2.
The decision — authorized under Ordinance No. 24-36 — designates the entire 320.48-acre airport area as Granbury Reinvestment Zone Number Five, which aims to encourage aviation and aerospace companies to establish operations within Granbury by offering potential tax abatements.
"Simply, it creates the tax abatement environment reinvestment zone to build and incentivize projects at the airport in the future,” City Manager Chris Coffman said during the meeting. “At this current time, we have no tax abatement agreements in place or (any) being considered right now, but this is a proactive move that (Economic Development Director) Lance (LaCour) helped us with as we move forward with economic development at the airport.”
Coffman explained that should the city have a project come to fruition, the council will hold a vote to publicize it, offer a 30-day notice, conduct a public hearing, and then consider approving the tax abatement agreement.
"We're just, I would say, setting the dining room table for activity later should it happen,” he added. “This reinvestment zone will last for two years.”
Place 6 Councilmember Greg Corrigan made a motion to adopt Ordinance No. 24-36, approving the creation of a tax abatement reinvestment zone at the Granbury Regional Airport.
Following a second by Place 4 Councilmember Skip Overdier, the motion passed unanimously.
