Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Commissioners approve tax abatement for International Aerospace Coatings expansion
Summary
Potter County commissioners voted 4–0 to approve a county tax abatement to match Amarillo’s agreement for International Aerospace Coatings’ 78,000‑sq. ft. wide‑body hangar, which the county estimates will cost about $27.7 million and could add up to 70 jobs.
Potter County Commissioners Court approved a tax abatement for International Aerospace Coatings (IAC) on Monday, endorsing the city’s location incentive terms and an eight‑year stepped abatement that begins at 80% in the first year.
An AEDC representative (speaker 4) told the court the project would add a 78,000‑square‑foot wide‑body hangar at Amarillo International Airport with an estimated construction cost of $27,700,000 and the potential to add “approximately up to 70 full time equivalents, to their workforce, and they would have to pay them at least $55,000 each.” The AEDC rep said the local job creation incentive would total up to $700,000 over five years under its program.
The AEDC analysis presented to the court showed expected gross tax receipts over 20 years and estimated the county’s net benefit would be a little over $3,000,000 after an abatement amounting to roughly $600,000 of projected taxes. County leaders asked questions about participating jurisdictions and future federal contracts; AEDC clarified Randall County is not involved in this agreement.
A commissioner moved to approve the county’s adoption of the city’s abatement terms, a second was offered, and the court approved the measure by voice/hand vote, 4–0. Commissioners said they favored the step‑down abatement rather than a longer, full exemption blanket. The court also agreed there would be opportunities for site visits once construction begins.
The court’s action adopts the county’s portion of the tax abatement; specific implementation steps such as final agreements and any administrative conditions were not detailed in the discussion.
