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Amarillo City Council approves investment-policy change, multiple ordinances and contracts; tax-abatement for aerospace expansion
Summary
At its July 22 meeting the Amarillo City Council approved an update to the city investment policy for AEDC funds, adopted zoning and other ordinances, awarded public works and fire-station contracts and cleared a tax-abatement package and incentive for International Aerospace Coatings’ expansion at Rick Husband Amarillo International Airport.
The Amarillo City Council on July 22 unanimously approved a set of routine and higher-profile actions including a change to the city investment policy to align Amarillo Economic Development Corporation (AEDC) parameters with the city’s rules, multiple zoning and administrative ordinances, two contract awards and a package of incentives for an aerospace company expansion.
The most consequential single economic-development action was the council’s approval of a property-tax abatement and a related location incentive agreement for International Aerospace Coatings (IAC). Council approved an 80% declining abatement on improvements for up to eight…
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