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Council approves tax rebates for two Denton expansions — US Cold Storage and PanelRite gypsum plant
Summary
July 15 meetings: Council approved performance‑based tax incentives for United States Cold Storage (distribution/temperature‑controlled storage) and PR Gypsum (PanelRite), a gypsum/drywall producer. Both projects promise multi‑million dollar investments, new jobs and municipal revenue; council votes were unanimous.
The City Council approved two economic development incentive packages at its July 15 meeting, both described by staff as recruitment or retention projects that committed private capital and jobs to Denton.
United States Cold Storage (USCS)
Staff said US Cold Storage proposed a new Denton cold‑storage facility on roughly 45 acres at 3255 Jim Crystal Road. The company informed staff it would invest about $35 million total (approximately $12 million in real‑property improvements and $23 million in business personal property) and create 172 new jobs over four years with an average wage reported at roughly $57,584 per position in the application. Staff recommended a Chapter 380 performance‑based grant in the form of a 60% property‑tax rebate on improvements and business personal property for eight years, plus a 75% construction sales‑tax rebate in…
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