City of San Angelo Gives DeCoty Coffee $98,288.50 Economic Development Incentive Package
San Angelo’s DeCoty Coffee will be expanding with the financial aid of the taxpayers. City taxpayers get 12 more job positions, and the City pays DeCoty $98,288.50 in incentives if the company can meet specific performance goals set forth in the agreement.
According to City Director of Economic Development Roland Peña, DeCoty’s financial package from the City of San Angelo Development Corporation (COSA-DC) includes:
|Development Waiver Fee||$1,302.50|
|Sales & Use Tax Rebate||$2,000.00|
|Secondary Egress Grant||$5,000.00|
|Fire Prevention Incentive||$15,000.00|
In return for the investment, DeCoty will make a capital investment of $1,512,632, create 12 new jobs and retain of each job created for three years.
COSA-DC is funded by a ½-cent sales tax on every dollar spent on taxable goods within the City of San Angelo. The money is earmarked for economic development projects, including providing financial incentives for private businesses to expand or relocate to San Angelo.
At the Aug. 26 COSA-DC Board meeting, DeCoty Coffee, Inc. was presented with an inaugural check of $38,250.09 for the first year of reporting (see photo above). “The new economic development program provided incentives that assisted our company in the decision to expand operations and create and retain jobs in this community,” said Mike Agan, DeCoty President & CEO said in a press release.
COSA-DC has inaugurated a Business Retention & Expansion (BRE) Program to assist local businesses in their plans to grow and expand. “The community-based economic development strategy focuses on taking care of our own, nurturing and supporting businesses already existing in the community,” said Roland Peña, Director of Economic Development in a press release.
The program features a robust menu of incentives such as property tax rebates, sales and use tax rebates, reimbursements for; development fees, safety improvements as a result of an expansion and code deficiency; grants for job creation, retention, business training, and workforce development.
In the past month, this program has provided assistance to other companies including: Time Clock Plus, Rios Corn Tortillas, and The Sign Shop.
Peña, who operates COSA-DC with citizen board oversight, said that DeCoty and the three additional companies incentivized will make a combined total of $4.6 Million in capital investments, create 141 local jobs, retain 244 local jobs, and yield an annual economic impact of $61.9 Million within the city limits.
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