Council approves amended economic-development agreement with Fujifilm Biotechnologies
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Summary
Council approved an amendment to the company—s 2021 economic development agreement that allows Fujifilm to restart a previously paused expansion; the company added an initial $30 million investment and the council approved updated schedule language.
College Station City Council unanimously approved an amendment to a 2021 economic development incentive agreement with Fujifilm Biotechnologies that recognizes the company—s plan to restart a previously paused expansion.
Under the original 2021 agreement, Fujifilm committed to a 138,000-square-foot expansion, a planned $300 million capital investment and 150 additional jobs; in return the city agreed to property-tax reimbursement equal to 50% of certain property taxes over 10 years. The company paused the project when international market conditions shifted during the COVID era. In the amendment approved Thursday the company affirmed an initial $30 million restart investment, and staff extended the completion schedule to December 31, 2028, to accommodate the revised build-out timetable.
Brazos County commissioners approved matching language earlier in the week and council members welcomed the renewed investment and reaffirmed Fujifilm—s role as a major local employer. "They—ve outperformed on every one of these agreements," a staff member said in support of the amendment.
What—s next: Staff will finalize the executed amendment and continue regular coordination with Fujifilm on site plans and permitting as the expansion proceeds. The amendment passed unanimously.