EL PASO, Texas - Both the El Paso City Council and County Commissioners Court approved economic development incentives that will spur more than $7.2 million in private investment by First Texas Products Corporation, a leading consumer electronics company with domestic and international reach. Approval for the incentive occurred by the City Council on December 8th and the Commissioners Court did the same on December 14.
First Texas, which is currently headquartered in El Paso, will construct a new facility in the Mission Valley (1120 Alza Dr.), resulting in the retention of over 50 jobs which have an average annual salary of $65,331. The new facility will strengthen and expand the company's commitment to manufacturing high quality metal detectors for industrial, security and recreational purposes as well as high performance night vision devices for military and civilian markets.
Per the incentive agreements with both the City and the County, First Texas Products Corporation is eligible to receive the following incentives package:
City of El Paso:
€¢ A ten year, 50% real and personal property tax rebate totaling $256,019
€¢ A rebate on the City's portion of the sales tax, up to $12,000
€¢ Possible waiver of building permit costs, estimated at $21,700
El Paso County:
€¢ A ten year, 50% real and personal property tax rebate totaling $159,570.65
As part of the incentive agreement, First Texas Products Corporation is expected to begin construction within the next 12 months, with the certificate of occupancy being obtained within the next 24 months. The company currently exports its products to more than 110 countries and provides 254 jobs in El Paso, Texas.
"First Texas Products Corporation would like to thank the City and County of El Paso, due to their support we unanimously decided to continue expanding in El Paso. The business friendly environment created by both parties allows our business to continuously grow organically and through acquisitions. Our mutual alliance also allows us to attract more skilled professionals to spur economic growth in our region," mentioned Danny Duarte, Chief Financial Officer of First Texas Products Corporation.
Today's announcement was made possible through Mayor Oscar Leeser's Open for Business initiative, which aims at increasing economic development opportunities in El Paso.
"The City of El Paso is committed to helping businesses and corporations in our region thrive because we know that working together we can create a vibrant economy," said Mayor Oscar Leeser. "First Texas could be headquartered anywhere in the country, but they chose El Paso because they see the assets this city has to offer. That's why they continue to employ El Pasoans and invest in El Paso; and that's why we support their efforts."
"Keeping, attracting and growing new business in El Paso is a community effort which often takes incentives from both the City and the County to finalize opportunities such as the one announced today. It is this community collaboration between the City, County and Borderplex that will continue to spur investment, make El Paso competitive and secure jobs and added economic development. What we are most excited about is the opportunity to retain and grow a business that has decided to locate its corporate headquarters in El Paso and call it home," stated County Judge Escobar after the County's passage of their incentive.
"The collaborative approach the City and County of El Paso are taking to create a business friendly environment which allows companies like First Texas Products Corporation to grow and invest in the region is the type of leadership we need to spur greater economic development," said Rolando Pablos, Chief Executive Office of The Borderplex Alliance. "We know that the domestic and international footprint First Texas has only makes our region more competitive in the global economy and we couldn't be happier to have them in El Paso."
About First Texas Products Corporation
First Texas Products Corporation is a consumer electronics company that manufactures metal detectors for industrial, security, and recreational purposes. The company also manufactures and distributes high performance night vision devices for the military and civilian markets. First Texas Products Corporation began operations in 1999. Today it operates more than 11 separate companies, exports to more than 110 countries and provides 397 jobs of which 254 are in El Paso. First Texas Products Corporation offers its products through retailers and dealers throughout the U.S, Canada, Europe, Latin America, Asia, Middle East, Africa, and Australia.