Incentives Will Lead to Expansion and Jobs at Principal LEDPress Release
SAN ANGELO, TX - The City of San Angelo announced this morning that Principal LED will receive $550,000 in incentives to expand its operations into the city's Business & Industrial Park. These incentives are part of an agreement approved today by the City Council.
"The economic development incentive package will assist Principal LED in purchasing and improving the former Taylor Publishing building at 3490 Venture Drive," said City Public Information Officer Anthony Wilson in a press release. "The total value of the acquisition and improvements will be $3 million. The COSADC approved the deal Jan. 25."
Bryan Vincent, Principal LED's managing partner, said, “The 55,000-square-foot building provides much needed space for our rapidly growing company and our new residential lighting division, as well as the relocation of other operations from South Carolina and Florida to San Angelo.”
Principal LED, a local company located at 4541 N. Bentwood Drive, produces LED fixture assemblies. Over the last four years, the business has grown from five to 51 employees, and the company intends to create 37 more jobs in the next five years.
"These full-time positions will pay at least $35,000 per year, plus employee-paid health benefits and 401(k)," said Wilson.
The COSADC incentives will also allow Principal to buy the building that has been vacant for more than 11 years in the city's certified business park. Construction improvements are planned to begin within the next 90 days, and the facility should be fully operational by April 1.
“The economic development sales tax has helped our community-based businesses expand and create jobs this past year like no other year before,” said Tommy Hiebert, president of the COSADC board.