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Economic Development Board recommends incentive package for Forteo Sky to city council
Summary
The Economic Development Partnership Board voted to recommend a package of tax rebates and grants to support Forteo Sky’s planned manufacturing operation in Denton, citing up to $35.2 million in post-improvement property value and an estimated long-term local benefit; the recommendation will go to Denton City Council next week.
The Economic Development Partnership Board on April 15 recommended that Denton City Council consider an incentive agreement for Forteo Sky, a firm proposing a UAS (unmanned aerial systems) manufacturing hub at 3411 Mingo Road. Board staff summarized the company’s application and the recommended package before the board voted to forward the item to council by voice vote.
Board staff presenter Britney Saltillo told members the recommended package includes a Chapter 380 ad valorem rebate at 65% on real property improvements and business personal property for up to eight years (cap $498,564), a 50% sales-tax rebate on construction materials (one-time cap $94,500, contingent on Texas direct-pay permit), a job-based grant up to $227,000, and a headquarters grant up to $50,000 if…
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