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Board approves $300,000 incentive for True Lightning Production LLC to expand local manufacturing
Summary
The Development Corporation approved a $300,000 economic‑development incentive for True Lightning Production LLC, a local company expanding into lightning‑protection manufacturing; staff projected an $850,000 capital investment, eight new full‑time jobs and a roughly 5.2‑year payback on the incentive under the model presented.
The San Angelo Development Corporation on Dec. 10 approved a $300,000 incentive to True Lightning Production LLC to support the company’s planned expansion into full manufacturing and installation of lightning‑protection systems, primarily for oil‑field customers.
Bob Schnevens presented the item and described True Lightning as a local firm moving from component manufacturing into full production and installation. Schnevens said the company projects a capital investment in the neighborhood of $850,000 and estimated creation of eight new full‑time jobs with an average wage of about $58,750. Using an economic‑impact model reviewed by the Small Business Development Center (SBDC), Schnevens reported a 10‑year economic impact of approximately $15 million and calculated a return on a $300,000 incentive of about 5.2 years (roughly a 19.3% return under the stated assumptions).
Board members asked how the model calculated economic impact and whether the Development Corporation had internal ROI thresholds. Schnevens said the model accounts for direct and indirect effects (construction jobs, secondary spending and sales tax) and that the board generally targets a 5‑year payback window for incentives. After discussion, a motion to approve the $300,000 incentive passed by voice vote.
The final agreement language and any conditions will be drafted for the board president to negotiate and will return to the city council as required under the Development Corporation Act.
