Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Enterprise Zone topic
No spam. Unsubscribe anytime.
Council nominates National Oilwell Varco for Texas Enterprise Zone designation
Summary
Navasota approved a resolution nominating National Oilwell Varco (NOV) for designation under the Texas Enterprise Zone program; company representatives said planned capital investments exceed $5 million and the state program provides sales-and-use tax refunds funded by the state.
The Navasota City Council voted to nominate National Oilwell Varco LP (NOV) for designation as an enterprise project under the Texas Enterprise Zone program, approving Resolution 806-625.
Charlie Stutz, economic development coordinator, said the city previously authorized participation in the Texas Enterprise Zone program (citing the city's earlier ordinance) and that NOV sought the nomination for an expansion at 9475 FM 1227, legally described in the resolution as a 70.65-acre tract. Luis Lopez, a consultant with Ryan Texas Consulting representing NOV, summarized the state program and said, "the minimum investment amount is 5,000,000, and the maximum benefit for a company is 1,250,000.00." He emphasized the refund comes from the state sales-and-use tax (6.25%), not from the city's local share.
John Pryce, identified by NOV as a local company representative, described planned capital spending in the community: "We will spend in excess of $5,000,000 annually on capital," he said, and said investments would focus on new machine tools, automation and material handling to improve efficiency and safety while retaining the company's existing product line for the U.S. land market.
Stutz said the program is designed to reward capital investment, job creation and job retention in economically disadvantaged areas; NOV applied for a single designation and the city's population-based allotment allows multiple nominations over a two-year period. Councilmember Mr. Phillips moved to approve the resolution; Mr. Harris seconded and the motion passed with all voting in favor.
The resolution enables city staff and consultants to file the necessary application materials with the governor's office and the state's Economic Development and Tourism office; the application and certification remain subject to state review and approval.
