Recently, the Katy ISD Board of Trustees adopted an incentive policy and accepted an application under the Texas Economic Development Act (Chapter 313) incentive program for Weatherford Artificial Lift Systems, Inc., a project that may create up to 425 jobs and $100 million in capital investment. According to the Katy Area Economic Development Council, the incentive may allow Katy ISD to lower the assessed property tax value of the project to $30 million, while the State of Texas makes the school district whole.
Under this program, companies involved in manufacturing, research and development, clean energy, and computer centers can apply for a reduction of assessed value and property tax credits for a period of years. The program is designed to create high-quality jobs in which a significant portion of the jobs created must pay over 110% of the average manufacturing wage for the region.
This is the first application accepted by Katy ISD. The Katy Area EDC encouraged and recommended acceptance of the application and adoption of the policy. The next step involves an application review by the state comptroller’s office. Consequently, the comptroller’s office submits a recommendation to Katy ISD. Visit www.katyedc.org.