Wednesday,
April 23

 
BUSINESS

Walkin' on sunshine: Nexolon deal's a go


A map showing future development sites on Brooks, with green stars indicating areas for potential infrastructure investment. Image courtesy COSAA map showing future development sites on Brooks, with green stars indicating areas for potential infrastructure investment. Image courtesy COSACouncil Thursday approved a package of incentives for Nexolon America LLC, a key manufacturing partner for OCI Solar America, which landed CPS Energy’s contract for 400 megawatts of solar power earlier this year. In return, Nexolon will build a plant and headquarters on 86 acres at Brooks City Base at an estimated investment of $115 million and provide jobs for 404 workers that pay at least $11.08 an hour, the current living wage.

The standard incentives – an economic-development grant, tax abatements and fee waivers worth almost $4 million – were enriched with a more unusual gift: $12 million in future funding for Brooks, the South Side technology campus and housing development that’s emerging slowly from the remains of the former Kelly Air Force Base.

The $12 million makes up the difference in the purchase price for that 86 acres, which has been valued at $17 million by Brooks and the City. Brooks’ policies require it to receive fair market value for its property, but Nexolon will pay just $5 million for it. The payment will come in the form of upfront rent for 10 years, but during Council’s questioning on Thursday, it emerged that Nexolon will own the land at the end of that decade, and can take title to it at any time after the full payment has been made.


Join Plaza de Armas to read the full article and access all of our content. Subscribe now or login.

 
Copyright 2012 Plaza de Armas TX. All rights reserved.
BLOG COMMENTS POWERED BY DISQUS