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INVASIS proposes lid‑manufacturing expansion in Waco; city to amend incentive agreement
Summary
INVASIS, a packaging manufacturer that already operates a large aluminum‑can facility in Waco, plans a new 183,000‑square‑foot lid manufacturing plant and 71 new jobs; staff recommended a $600,000 grant from the economic development corporation and an amendment to an existing business grant to simplify compliance.
City economic development staff and the Greater Waco Chamber updated the Council on an expansion by INVASIS (global packaging manufacturer) that would add a lid manufacturing plant in Waco and bring at least 71 new jobs and an estimated $45 million in new personal property investment.
Assistant Director Jeremy Pesina and Chris Collins, senior executive vice president for economic development at the Greater Waco Chamber, said INVASIS has invested more than $227 million in its Waco operations to date and employs 221 full‑time workers at the site. The new project will use an adjacent parcel the company already owns; staff described a new production building of at least 183,000 square feet, at least $10 million in real‑property improvements and a minimum of $45 million in equipment and machinery investment. Company materials presented to the city forecast 71 new jobs at an average wage above $54,000 per year.
The Waco‑McLennan County Economic Development Corporation board recommended a $600,000 grant toward the project (staff said the city’s portion of that recommendation is $300,000). Staff also proposed amending INVASIS’s existing business‑grant agreement to include the new investments instead of layering a second compliance track. Proposed amendments would extend the deadline for qualifying investments to Dec. 31, 2026, raise the required personal‑property investment in the agreement from $65 million to $117 million and preserve the previously agreed 50% reimbursement of qualifying personal‑property taxes. City staff said consolidation of compliance paperwork would simplify validation and payment processes.
Economic impact modeling presented by staff showed a strong payback: the staff presentation said the city and county investments into the project would be repaid in less than a year under conservative assumptions, and that the long‑term payroll and tax benefits would be significant. The project timeline presented calls for site work to begin in October, with construction complete by July 2026 and testing and full operations through September 2026.
Next steps: staff said both the $600,000 EDC grant and the recommended amendment to the existing business grant would come before Council at the next business meeting for formal action. Council members asked to see underlying spreadsheets and compliance calculations prior to final approval; staff agreed to provide additional documentation.
