The McLennan County Commissioners Court voted to amend an existing industrial business grant agreement and to approve a new project agreement with Invasus Commerce LLC and IZ Texas LLC to support a second production facility in Texas Central Park in Waco. The court approved staff recommendations that include a $600,000 WEDMEC grant (county portion $300,000) and an amendment to the existing industrial business grant that increases the county's incentive exposure by about $350,000, bringing the total incentive package for the combined projects to about $1,850,000.
Chris, an economic development staff member for McLennan County, said the new project will add an 83,000-square-foot facility that will manufacture aluminum can lids in the United States for the first time outside of Mexico. He told the court the new facility requires a minimum $10,000,000 building investment and at least $45,000,000 in new equipment and machinery, and will create 71 full-time jobs with an average annual wage of about $54,000.
The court's staff recommended amending the county's participation under the city of Waco's existing industrial business grant so the new personal property investment (equipment) is covered under the existing agreement. The amendment adjusts several deadline metrics: staff will change the deadline for qualifying investment from December 31, 2023, to December 31, 2026; adjust the certificate-of-occupancy deadline to December 31, 2026; and raise the combined personal property requirement to $117,600,000 to include the new investment. Chris said the combined projects have already exceeded earlier investment and job targets and that the prepared site and existing infrastructure helped attract the new investment.
Commissioners said they considered return-on-investment analysis presented by staff. Chris said the overall ROI on the incentive package is 78 percent, with the county's share paying back in less than a year under the county's economic projections. The court voted to approve the project agreement and the proposed amendment; the clerk recorded the vote as voice approval after the court called for the ayes.
The county will require the company to meet wage thresholds established in current economic development guidelines (a stated $25.25 hourly minimum for individual jobs and a $30 hourly overall average wage across all jobs) before some incentive drawdowns occur; staff explained funds will be paid out as the company achieves those wage metrics. Staff also described synergies between the existing aluminum can production line on the site and the new lid plant, and emphasized that the amendments are intended to bring the new equipment and investment under the existing incentive framework rather than create a separate, new incentive contract.